GBP/USD

GBP/USD: general analysis

Current trend, GBP is strengthening against USD due to the approval of the British withdrawal from the EU agreement. At the Brexit summit on Sunday, a part of the controversial issues, such as the status of Gibraltar and the Irish border, was settled. British Prime Minister Theresa May is optimistic, despite the fact that the draft agreement has yet to be passed through parliament, and approval will require a share of the votes of the opposition Labor Party.

Today, the pair may be influenced by the speech of the Bank of England’s governor Mark Carney at 20:30 (GMT+2), which will assess the current economic situation in the UK. High volatility is expected on the market.

Support and resistance

On the 4-hour chart, the instrument broke the middle line of Bollinger bands upwards. MACD histogram is around ​​the zero line, its volumes are minimal, the signal line moves horizontally.

Resistance levels: 1.2855, 1.2890, 1.2926.

Support levels: 1.2819, 1.2794, 1.2763, 1.2724, 1.2695.

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Trading tips

Long positions can be opened from the current level with the target at 1.2926 and stop loss 1.2808.

Short positions can be opened from the level of 1.2794 with the target at 1.2724 and stop loss 1.2830.

Implementation period: 1–3 days.

 

Scenario

Timeframe Intraday
Recommendation BUY
Entry Point 1.2837
Take Profit 1.2926
Stop Loss 1.2808
Key Levels 1.2695, 1.2724, 1.2763, 1.2794, 1.2819, 1.2855, 1.2890, 1.2926

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 1.2794
Take Profit 1.2724
Stop Loss 1.2830
Key Levels 1.2695, 1.2724, 1.2763, 1.2794, 1.2819, 1.2855, 1.2890, 1.2926

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