OANDA:GBPUSD   British Pound / U.S. Dollar
Current trend

At the end of the last week, the pound strengthened against the US dollar             despite the fact that data on industrial production in the UK did not reach the forecasts a little (although it turned out to be better than the previous month). In monthly terms, the indicator was 1.3% in January against –1.3% a month earlier (the forecast was 1.5%). In annual terms, growth was 1.6% in January against 0.0% in the previous month (with the estimate of 1.8%).

US Unemployment Level reached 4.1%, exceeding the forecast of 4.0%, which reflected the weakness of employment market and affected the dollar negatively. In the other hand, the grown of February Nonfarm Payrolls supported USD.

There will be lack of key macroeconomic data in the UK, so the pair’s dynamics depends on the demand on USD.

Support and resistance

On the 4-hour chart, the pair was corrected to the middle line of Bollinger Bands . MACD histogram is in the area of the zero line, its volumes are minimal, and the signal line is moving sideways.

Support levels: 1.3850, 1.3813, 1.3790, 1.3750, 1.3735, 1.3712.

Resistance levels: 1.3871, 1.3911, 1.3940, 1.3969, 1.4000, 1.4040, 1.4070, 1.4115.

Trading tips

Long positions can be opened at the level of 1.3880 with the target at 1.3930 and stop loss at 1.3850.

Short positions can be opened at the level of 1.3850 with the target at 1.3800 and stop loss at 1.3880.

Implementation period: 1–3 days.

Great Britan vs US Dollar            

Buy Sell Spread
1.3845 1.38421 29

Scenario

Timeframe Day's Range
Recommendations BUY STOP
Entry Point 1.3880
Take Profit 1.3930
Stop Loss 1.3850
Support levels 1.3712, 1.3735, 1.3750, 1.3790, 1.3813, 1.3850, 1.3871, 1.3911, 1.3940, 1.3969, 1.4000, 1.4040, 1.4070, 1.4115

Alternative scenario

Recommendations SELL STOP
Entry Point 1.3850
Take Profit 1.3800
Stop Loss 1.3880
Support levels 1.3712, 1.3735, 1.3750, 1.3790, 1.3813, 1.3850, 1.3871, 1.3911, 1.3940, 1.3969, 1.4000, 1.4040, 1.4070, 1.4115
More analytic from LiteForex:
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