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Hello, dear traders!
In contrast to the single European currency, at yesterday's trading the British pound demonstrated downward dynamics against the US dollar. It is hard to say what caused such a move of the GBP/USD pair. However, it is quite possible that the pound was negatively affected by the rising cross rate of EUR/USD. Analysts outline the events likely to affect the price dynamics of the British currency. Bank of England Governor Andrew Bayley's speech is highly significant and is due at 15:05 MSK. Building permits and housing starts can be highlighted regarding the US reports. Besides, several FOMC members are scheduled to deliver a speech in the evening. However, addresses of the heads of the world's leading central banks are always more significant. Let's observe the price charts and try to find the most reasonable options to open positions
Daily
After yesterday's insignificant decline, at the moment of writing this article, the pair GBP/USD demonstrates a fairly impressive growth today. GBP/USD has been steadily rising and updating its highs of the trading on October 15, breaking both boundaries of the Ichimoku cloud, which converged near 1.3777. Closing of today's session above that level, and even more above the important and strong level 1.3800, will predetermine further rate's growth. If the daily candlestick deflates today and has a long upper shadow, further strengthening of the quote will be unlikely. According to the charts, the price found strong support among the 50-simple and 200-exponential moving averages. I may assume that in case it breaks these moving averages, bears will demonstrate marked activity. However, there is a red Tenkan line and blue Kijun line of the Ichimoku indicator below, near 1.3670. They are likely to provide strong support for the price and turn the rate upward. In case of break 1.3800, the next target will be the price area of 1.3875-1.3900 concerning the upside targets.
H1
According to trading recommendations, I consider purchases the best option. However, the pair has already gained considerably and the alternative scenario is worth considering. I recommend to focus on the resistance level of 1.3777, where yesterday's highs were indicated. In case that level is broken and 3 consecutive candlesticks are set above it on the rebound to the area of 1.3780, it is possible to buy the pair. If the break at 1.3777 does not occur and a bearish reversal pattern appears below this level, it will be a signal for potential selling. There are the following trading recommendations at the moment. It is better to focus attention on the Head of Bank of England's speech, during which the volatility may significantly increase.
Good luck!
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