GBP/USD: pair trades flat
On Wednesday, the GBP/USD pair ended the trading day at the opening level of 1.4815.
Trading volumes remain low today, but the volatility might increase during the publication of ECB Monetary Policy Meeting Accounts and a series of indicators from the US. Tomorrow, financial markets are closed, and trading will resume on Monday, 4 January.
Support and resistance
The GBP/USD pair is trading within a narrow range between 1.800 and 1.4830. The price is in the lower part of a descending channel with the lower border near the level of 1.4770.
On the daily, weekly and monthly charts, OsMA and Stochastic recommend short positions. On the 4-hour chart, the indicators show the pair will be trading flat. In general, the decline in the pair tends to continue.
After the breakdown of 1.4800, the price might move further towards 1.4750, 1.4600 (year lows).
Support levels: 1.4800, 1.4770, 1.4750, 1.4700.
Resistance levels: 1.4880, 1.4925, 1.4985, 1.5025, 1.5080, 1.5100, 1.5140, 1.5230.
Short positions can be opened from the current level with targets at 1.4800, 1.4750 and stop-loss at 1.4860.
Long positions can be opened from the level of 1.4870 with targets at 1.5000, 1.5050, 1.5100, 1.5120, 1.5190 and stop-loss at 1.4820.