GBPUSD Technical Analysis 16.08.2017

GBPUSD

The pair is trading under the 1.2840 level while waiting for the release of the last Fed monetary policy meeting minutes. If it shows the bank's concerns regarding the low inflation, a local weakening of the US Dollar may be expected. At the same time, a positive content may support USD. 

The price is lower than the middle Bollinger band, higher than SMA 5, but lower than SMA 14. RSI resides in the oversold zone. Stoch are leaving it.

 
Trading recommendations:
Sell the pair once the 1.2840 level is breached, considering a possible fall to 1.2715. If the minutes are rather pessimistic — buy, considering a possible rise to 1.2950.