Ahead of the Bank of England meeting (on Thursday), GBP / USD continues to gradually develop positive dynamics, receiving support, including from the weakening dollar. As of this writing, GBP / USD is traded near 1.3930 mark, remaining in the bull market above the key support level of 1.3705 (see also "Fundamental Analysis and Recommendations")
Breakdown of the upper border of the descending channel on the daily chart and resistance levels of 1.3970 (Fibonacci level 38.2% correction to the decline of the GBP / USD pair in the wave that began in July 2014 near the level of 1.7200), 1.4000 will be a signal for further growth towards the local resistance level 1.4240 and resistance level 1.4300.
In an alternative scenario and after the breakdown of the support levels 1.3878, 1.3869 GBP / USD may decline to the support level 1.3705. In case of a deeper decline - to the support levels 1.3345, 1.3210.
Trading recommendations
Sell Stop 1.3860. Stop-Loss 1.3950. Take-Profit 1.3805, 1.3705, 1.3600, 1.3345, 1.3210
Buy Stop 1.3950. Stop-Loss 1.3860. Take-Profit 1.3970, 1.4000, 1.4100, 1.4200, 1.4240, 1.4300, 1.4350, 1.4440, 1.4580, 1.4830
*) GBP/USD: Current Fundamental Analysis and Market Expectations
**) the most up-to-date "hot" analytics and trading recommendations (including entries into trades "by-the-market") - https://t.me/fxrealtrading
