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Forex Market: GBP/USD daily forecast

During yesterday’s trading session GBP/USD traded within the range of 1.6782-1.6882 and closed at 1.6810.

At 8:03 GMT today GBP/USD was losing 0.27% for the day to trade at 1.6764. The pair touched a daily high at 1.6762 at 7:12 GMT, breaching the first key support.

Fundamental view

At 10:00 GMT, the Confederation of British Industry will release the results from its monthly CBI distributive survey. The index probably jump to 35 this month, from 30
in the previous.

The indicator reflects the short-term trends in the sectors of retail and wholesale in the UK. The indicator is closely watched by the Bank of England as it weighs on the formulation of the central bank’s and the government’s economic policy. This is a highly valuable barometer of trade on the main streets. It represents a survey among executives and managers and regards sales, orders and inventories. A higher than projected reading will heighten pound’s appeal.

Technical view

Screenshot from 2014-05-28 11:08:18

According to Binary Tribune’s daily analysis, in case GBP/USD manages to breach the first resistance level at 1.6867, it will probably continue up to test 1.6925. In case the second key resistance is broken, the pair will probably attempt to advance to 1.6967.

If GBP/USD manages to breach the first key support at 1.6767, it will probably continue to slide and test 1.6725. With this second key support broken, the movement to the downside will probably continue to 1.6667.

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