GBP/USD Review And Forecast
LiteForex Europe | Jun 29, 2015 07:43AM ET
As the result of the latest Greek crisis development, today markets opened with gaps. The gap in the GBP/USD pair was not as significant as, for example, in the EUR/USD; however, it was still quite big at 57 points. The pair opened at 1.5693 and is now trading around 1.5710.
Two big publications that are capable of affecting the movement of the pair are out today. The Bank of England release is due at 11:30 am (GMT +3), and mixed expectations are not giving a clear picture of future direction of the GBP. The housing sector data from the US is due between 5:00 pm and 6:30 pm (GMT +3) and is expected to be generally negative.
The price has already performed a correction as it crossed the bottom MA of Bollinger Bands® during the opening gap and is now moving towards the middle MA of the indicator.
The nearest resistance level is 1.5721 (middle MA of Bollinger Bands). Support level is 1.6587 (bottom MA of Bollinger Bands).
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