GBP/USD Trading In Narrow Range
LiteForex Europe | Jul 27, 2016 01:51AM ET
Since the beginning of the week, the pair is trading in a narrow range, which is just over 100 points wide, amid absence of important macroeconomic news in the calendar.
Today extra attention needs to be paid to data from the US on the property market and the Markit Services PMI. According to forecasts, the indices will show growth that would pressure the pair.
During the day, the pair is expected to strengthen to the level of 1.3150 that coincides with the middle MA of Bollinger Bands on the 4-hour chart, from where it will reverse and begin falling towards the key support level at 1.3000.
Support levels: 1.3050, 1.3000, 1.2860.
Resistance levels: 1.3150, 1.3225, 1.3310, 1.3400, 1.3480.
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