Wednesday, August 30, 2017

GBP/USD May Be Range-bound For The Next Few Days

After dropping with about 500 pips (from 1.32684 to 1.27734) the GBP/USD pair found a support in the zone around 1.2770 – 1.2800 and started moving north.

On the W1 time frame the pair is in the zone around the middle line of the Bollinger Bands indicator and I think it may continue being range-bound in this zone in the following days.

On the D1 time frame there may be a possible move to the upside, to the resistance at 1.3040.
Alternately, the closest support for the pair is around 1.2880.

Of course, all that depends on the data of the US Change in Non-Farm Payrolls, which will be announced this Friday and which always causes major volatility on the market.