GBP/USD: to new highs

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10/11/2018

Current trend

The pound continues to grow against the US dollar.

At the end of September, the pair declined significantly and it seemed that the upward trend would change, but later the instrument formed a new upward wave and went up more than 300 points in several trading days. The main catalyst for growth was the decline in the US currency amid falling demand and favorable statistics from the UK in recent weeks.

Today, special attention should be paid to the speech of the head of the Bank of England Mark Karney and the regulator's report on the state of the credit market. The US will respond with data on the labor market and inflation at the end of the week.

Support and resistance

In the short term, a slight correction to the levels of 1.3150, 1.3130 is expected, after which the pair will return to growth. In the future, a rise to the recent local maximum of 1.3300 is expected with a high probability of breaking out of this level and testing new local maxima. The next key resistance levels are 1.3450, 1.3500.

Technical indicators confirm the growth forecast: MACD shows growth in the volume of long positions and Bollinger Bands are directed upwards.

Support levels: 1.3180, 1.3150, 1.3130, 1.3110, 1.3060, 1.3030, 1.3000, 1.2975.

Resistance levels: 1.3240, 1.3270, 1.3300, 1.3370, 1.3450, 1.3500.

Trading tips

In this situation, long positions may be opened from the current level with targets at 1.3300, 1.3450, 1.3500 and stop loss at 1.3175, 1.3000.

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