GBP/USD: the pair continues to grow
10 June 2020, 10:38
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 1.2930 |
| Take Profit | 1.3330 |
| Stop Loss | 1.2800 |
| Key Levels | 1.2220, 1.2620, 1.2930, 1.3330 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2620 |
| Take Profit | 1.2220 |
| Stop Loss | 1.2800 |
| Key Levels | 1.2220, 1.2620, 1.2930, 1.3330 |
Current trend
The GBP/USD pair is showing an upward trend amid expectations of publication of UK GDP data on Friday and the continued fall of the US dollar, trading at 1.2770.
From the UK macroeconomic statistics, it is worth highlighting only retail sales from BRC for May, which showed an increase of up to 7.9% against the forecast of 5.7%. Trading volumes decreased slightly, as investors expect data on GDP and manufacturing output.
The US currency continues its long decline, despite positive statistics. The number of open vacancies in the US labor market from JOLTS for April amounted to 5.046 million compared to 5,000 million projected. Despite this, the USD Index continues to fall lower and is currently trading at 96.130.
Support and resistance
The movement of the instrument continues to develop according to the classic correction scenario. During today’s trading session, the price may reach the level of the resistance line of the global downtrend. The indicators are similar and reflect a possible continuation of global growth.
Resistance levels: 1.2930, 1.3330.
Support levels: 1.2620, 1.2220.
Trading tips
After correctional growth or consolidation above the resistance line around 1.2930, purchase positions with the target at 1.3330 will be relevant. Stop loss is below the local support, around 1.2800.
After a reversal and decline or consolidation below the support level at 1.2620, it is important to open sell positions with the target at 1.2220. Stop loss is 1.2800.
Implementation period: 5 days or more.
The GBP/USD pair is showing an upward trend amid expectations of publication of UK GDP data on Friday and the continued fall of the US dollar, trading at 1.2770.
From the UK macroeconomic statistics, it is worth highlighting only retail sales from BRC for May, which showed an increase of up to 7.9% against the forecast of 5.7%. Trading volumes decreased slightly, as investors expect data on GDP and manufacturing output.
The US currency continues its long decline, despite positive statistics. The number of open vacancies in the US labor market from JOLTS for April amounted to 5.046 million compared to 5,000 million projected. Despite this, the USD Index continues to fall lower and is currently trading at 96.130.
Support and resistance
The movement of the instrument continues to develop according to the classic correction scenario. During today’s trading session, the price may reach the level of the resistance line of the global downtrend. The indicators are similar and reflect a possible continuation of global growth.
Resistance levels: 1.2930, 1.3330.
Support levels: 1.2620, 1.2220.
Trading tips
After correctional growth or consolidation above the resistance line around 1.2930, purchase positions with the target at 1.3330 will be relevant. Stop loss is below the local support, around 1.2800.
After a reversal and decline or consolidation below the support level at 1.2620, it is important to open sell positions with the target at 1.2220. Stop loss is 1.2800.
Implementation period: 5 days or more.
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