01, August 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The upward movement continues. The price broke 1.5300 down and is falling to 1.5170 now. The pair is in the Cloud now. Should the pair overcome the Cloud the downward movement may continue falling to the support level 1.5170.

We have a weak upward movement the pair is in the Cloud. The Kijun-Sen and Tenkan-Sen are directed downwards. The price is below Kijun-Sen and Tenkan-Sen. The Cloud keeps growing.

Bollinger Bands indicator shows an upward movement, the bands are directed up.
MACD left a positive area and is in a negative one now.

Trading Recommendations

Break of 1.5330 during the Asian session on Tuesday left unprotected support 1.5314. This area of support is the last line of defense in front of a projected minimum of 1.5264 and 1.5241 support.

A minimum of 1.5264 was reached last Thursday, when the pair closed higher, and its range fully encompassed the range of the previous day. Bulls are concerned about the fact that so far they have not reached the minimum required target level of growth at 1.5438, which blocks the way to the resistance 1.5373 and 1.5432 peak reached last week.