GBP -  Range-bound setup

The GBP/USD is in a period of indecision. The upper and lower edges of a triangle pattern are currently around 1.3590 and 1.3340, and the range is gradually narrowing toward 1.3490 and 1.3380.

Resistance levels: 1.3610 and 1.3680
Support levels: 1.3300 and 1.3210

In the short term, it is expected that price will continue to trade with back-and-forth action between 1.3290 and 1.3590. After that, a more definite directional breakout is likely to develop.

Forecast range:

Resistance: 1.3450 – 1.3500 – 1.3550 – 1.3650 – 1.3720
Support: 1.3370 – 1.3300 – 1.3200 – 1.3150 – 1.3000*

Key focus / economic data

Monday

• UK Nationwide May house price index (14:00)
• UK May manufacturing PMI (16:30)

Tuesday

• UK April consumer credit (16:30)

Wednesday

• UK May services / composite PMI (16:30)

Any questions? contact our professional analysis team