GBPUSD Technical Analysis 18.07.2017

GBPUSD

The pair is consolidating lower than the 1.3110 level amid the overall weakness of the US dollar and while expecting the results of the Bank of England monetary policy meeting that will be held later in July. The fact that the market is expecting that the Bank will rise the interest rates in the near future serves as an additional point of support for the pair.

The price is higher than the middle Bollinger band, higher than SMA 5 and SMA 14. RSI resides in the overbought zone and continues rising. Stoch are also rising.

 
Trading recommendations:
If the pair breaches the support level of 1.3110, there is a possibility that it continues to rise, reaching 1.3280.