Yesterday the GBP/USD pair was growing and gained 250 points but then started correcting down and lost 150 points. There is a strong chance that descending movement will continue. Today the pair might be influenced by UK’s Q1 GDP data, due at 10:30 am (GMT+2).
Support and resistance
The price is moving down from the middle MA of to the lower one. The price range is narrowing. The price is likely to reach the lower MA and then turn up.
Support levels: 1.3364, 1.3300, 1.3260, 1.3150.
Resistance levels: 1.3470, 1.3585.
Short positions can be opened from the current level with the target at 1.3364 and stop-loss at 1.3470.
Pending buy orders can be placed at the level of 1.3364 with the target at 1.3470 and stop-loss at 1.3300.