GBP / USD: Pound rose in spite of weak statistics

Current trend

The British currency continues to rise against the backdrop of weakening US
The dollar, which was under pressure due to market intervention of the Central Bank
China aimed to devalue the yuan.

The pair GBP / USD continues despite weak
Statistics on the labor market of the UK. Thus, the average salary in June
It increased only by 2.4% whereas analysts expected growth of 2.8%. Meanwhile, the level of
unemployed applications for employment in July unexpectedly reduced by 4.9
thousand against the expected growth of 1.5 thousand.

Support and resistance levels

The indicator "Bollinger Bands" on the daily chart
demonstrates the emergence of a weak upward trend, but the price range remains
very narrow. MACD is trying to develop a buy signal. Stochastic keeps
ascending direction, but it is close to the border area
perekuplennosti that may indicate a potential downward correction pairs.

Indicators recommend to wait for a clear signal to
enter the position.

Support levels: 1.5600 (local low), 1.5520,
1.5465, 1.5400 (July 10 low), 1.5330 (low of July 8).

Resistance levels: 1.5659 (the high of August 12), 1.5700
(Maximum early July), 1.5770, 1.5800 (the high of June 24).

trading recommendations

Long positions may be opened when prices rebound from the level 1.5600
(With the support of the Indicators) to 1.5700 and stop loss at around
1.5520.

Short positions can be opened for fixing prices below
1.5600 to 1.5520 purposes, 1.5500 and stop loss at levels 1.5659, 1.5680.