GBPUSD Technical Analysis 30.06.17

GBPUSD

The pair is trading above 1.3000 level as the Bank of England is expected to raise interest rates. However, the pair has grown considerably and now may correct not only because it’s strongly overbought, but also under the influence of USD growth, as it’s receiving support from the release of final positive data on American GDP for the first quarter. 

The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is in overbought zone and is moving downwards. Stoch are also in overbought zone and their crossing prompts to sell.

Trading recommendations:

If the pair drops below 1.3000 level, it’s likely to correct downwards to 1.2955 or even to 1.2900-10.