Pound / dollar is in no hurry to show directional dynamics


Current dynamics

The British pound is trading mixed against the US dollar during today’s morning session, consolidating near the 1.4150 level.

The British currency ended last week with uncertain gains, however, the record highs on February 24 were not renewed, despite the publication of strong macroeconomic statistics from the UK. Thus, the volume of retail sales in April increased by a record 42.4% y / y after increasing by only 7.2% y / y in March. Analysts were counting on an increase of 36.8% y / y. On a monthly basis, sales volumes rose from 5.1% mom to 9.2% mom, which was also better than market forecasts of 4.5% mom.

The data on business activity in the manufacturing sector also turned out to be positive, showing a strengthening from 60.9 to 66.1 points in May, while experts had expected a slight decline to 60 points.

Support and resistance levels

Bollinger Bands on the daily chart are showing steady growth. The price range is narrowing, reflecting the emergence of mixed trading dynamics in the short term. The MACD indicator is going down, maintaining a weak sell signal (the histogram is below the signal line). Stochastic, having retreated from the “80” mark at the end of last week, again turned into a horizontal plane, reacting to the neutral dynamics on Monday.

To open new trading positions, you should wait until the signals from technical indicators are clarified.

  • Resistance levels: 1.4150, 1.4200, 1.4232, 1.4275
  • Support levels: 1.4100, 1.4050, 1.4000, 1.3960

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