Wednesday, 23 September 2020


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GBP/USD: analysis and forecast

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Current trend GBP/USD has been growing firmly since yesterday. Still, the pair may get a new stimulus once the National Institute of Economic and Social Research has published the data on the UK economy growth rates over the last quarter. The publication is scheduled for 17:00 (GMT +3), and the results are thought to be accurate enough to have an impact on the Bank of England's monetary policy. Support and resistance Bollinger bands are directed upwards, pointing to an uptrend, but the pair has not reached the maximum yet and still has some growth potential. Support levels: 1.5221 (middle line of Bollinger bands), 1.5171 (lower line of Bollinger bands) and 1.5140 (local minimum). Resistance levels: 1.5271 (upper line of Bollinger bands). Trading tips Short positions targeted at 1.5190 and 1.5140 can be opened once a level of 1.5250 has been broken out. Remember to place a protective order at about 1.5265. Long positions may be opened after the price breaks a level of 1.5320. Their target would be a level of 1.5385. A protective order should be placed at about 1.5300.



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