Published On: Thu, Apr 27th, 2017

GBP/USD: general analysis

InstaForex

Current trend

The consolidation of the pair after the rapid growth on last Tuesday reflects the investors’ uncertainty in the further dynamics, as they are waiting for clearer signals. Yesterday in the first half of the day US dollar was strengthening, but the pair managed to keep its positions. Tonight’s growth attempts of USD were also followed by the strengthening of GBP/USD which indicates slim chanses of the pair’s quick return to monthly or even 2-weeks minimums. On Friday the UK GDP key data (expected to be positive) and the YoY USA GDP data (expected to be negative) are worth traders’ attention.

Today there is no significant news from the UK, and the Durable Goods Orders ex Transportation data (expected to be negative) and the Pending Home Sales data (expected to be negative) are to be published today in the USA.

The consolidation of the pair until Friday is expected.

Support and resistance

Resistance levels: 1.3035, 1.3200.

Support levels: 1.2700, 1.2780, 1.2865.

Trading scenario

Open short positions at the current price with the targets at 1.2780, 1.2700, stop loss is at 1.2930.

Buy the pair at the level of 1.2930 with the target at 1.3035 and stop loss at 1.2890.

Forex Analysis

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