GBP/USD analysis for 14-15 June

Quotes of the British Pound came close to the resistance level of 1.4205 against the background of the data on inflation in the US published yesterday. Its breakdown will open the way for growth to the level of 1.4335.

GBP/USD forecast pound dollar for today and June 14 - 15, 2021

The rise in inflation in the United States to its maximum value since 2008 of 5.0% per annum was unexpected for many investors. Core inflation rose to 3.8% per year, the highest since 1992. Markets reacted ambiguously, as the US Federal Reserve will have the final say on the current inflation situation.

Today the pound is supported by the released macroeconomic statistics on the UK. GDP in April grew by 2.3% (against the forecast of 2.2%). The volume of industrial production in April in annual terms remains at a high level of 27.5%, but below expectations of 30.5%. On a monthly basis, the indicator showed a decrease of 1.3%, although an increase of 1.2% was expected. In the context of economic recovery, a slight decline in production after the previous growth is not critical.

Support and resistance levels

Long-term uptrend. The target is to update the annual high and rise to the level of 1.4335. In order to achieve this goal, buyers need to break through the level of 1.4205.

The medium-term trend is upward, but the price has moved to the range of 1.4210–1.4103. Probably, a set of positions at favorable prices is required before continuing the growth towards the area of ​​the target zone 2 (1.4476-1.4437).

Resistance levels: 1.4205, 1.4335.

Support levels: 1.4047, 1.3986, 1.3816.

Trading scenarios

Thus, GBP/USD forecast for the pound dollar for June 14-15, 2021 assumes long positions can be opened from the level of 1.4005 with the target at 1.4335 and stop-loss at 1.3923. The implementation period is 7-9 days.

Our traders of the Foreck.info website can open short positions below 1.3923 with the target at 1.3815 and stop-loss at 1.3974.

Scenario

Alternative scenario