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GBP/USD: daily update

Yesterday the cable surged to the 1.5-months high of $1.5531 following a quick dip to $1.5200, shaken by the BoE forward guidance. On Thursday the pair is edging lower, failing to hold above the big $1.5500 figure.

The pair came close to the 2013 trend line resistance (currently at $1.5570) and it is a question if the pair will manage to push above there. In the near term we expect to see a deeper bearish correction as the market is overbought.

This week there are no more important releases on GBP except for the Friday’s trade balance (forecast: trade deficit almost unchanged at 8.4B).

Resistance: $1.5535 (200-day MA), $1.5570 (trend line), $1.5600

Support: $1.5435, $1.5400, $1.5385

Chart. H4 GBP/USD

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