During a week, the GBP/USD pair has been trading within a narrow range, close to the level of 1.5210. At present, the pair is still waiting for an impulse that will manage to push the price out of its sideways channel.
However, such an impulse is unlikely to occur today. The only news release that may influence the dynamics in the pair is FOMC Minutes. FOMC Minutes are released by the Board of Governors of the Fed and are a clear guide to the future US interest rate policy.
Support and resistance
Bollinger Bands indicator is directed horizontally. As there are no signals for a trend change, the pair tends to remain within the sideways channel.
Support levels: 1.5210 (middle MA of Bollinger Bands), 1.5180 (lower MA of Bollinger Bands).
Resistance levels: 1.5240 (upper MA of Bollinger Bands).
At present, it is recommended to open positions when the price reaches the borders of the channel. Thus, place Sell limit orders at the level of 1.5240 with targets at 1.5210 or 1.5180. Otherwise, place Buy limit orders at the level of 1.5180 with targets at 1.5210 or 1.5240.