GBP/USD: review and forecast

Current trend

On Monday the GBP/USD pair opened with a gap up at 1.4462 and then corrected down to the level of 1.4420.

Support and resistance

The price range of Bollinger Bands is widening. The pair broke out the upper MA but then returned into the range and may continue moving down towards the middle MA of the indicator.

Support levels: 1.4420, 1.4370, 1.4330, 1.4280.
Resistance levels: 1.4490, 1.4550.

Trading tips

Short positions can be opened at the current levels with targets at 1.4370, 1.4280 and stop-loss at 1.4490.
Pending buy orders can be placed above the level of 1.4490 with the target at 1.4550 and stop-loss at 1.4220.