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GBP/USD: review and forecast

FX:GBPUSD   British Pound/U.S. Dollar
60 0 2
Current trend

The GBP/USD             pair was growing, but did not manage to break out the resistance level of 1.3272, and started correcting down amid the lack of support from macroeconomic statistics.

Today attention needs to be paid to data on the Initial Jobless Claims and Durable Goods Orders, due in the US at 2:30 pm (GMT+2). Both indicators are expected to show growth.

Support and resistance

On the 4-hour chart, the price range of Bollinger Bands is narrowing. MACD histogram remains in the positive zone, but its volumes are falling gradually. Stochastic lines are directed down.
According to the indicators, short positions seem preferable.

Support levels: 1.3175, 1.3131, 1.3091, 1.3034.
Resistance levels: 1.3272, 1.3340, 1.3374, 1.3400.

Trading tips


Short positions can be opened below the level of 1.3175 with targets at 1.3131 and 1.3091.
Long positions can be opened after the breakout of the level of 1.3272 with targets at 1.3340 and 1.3374.
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