02, May 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The UK government bonds yields grew which increased the attractiveness of the British assets. However, the Britain published a number of weak reports: Net Lending to Individuals increased by 9.3B in March, the expected data was £5.0B.

The price is finding the first support at 1.4560, the next one is at 1.4480. The price is finding the first resistance at 1.4670, the next one is at 1.4760.

There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The price is increasing.

Trading recommendations

We suppose the pair will go to the level of 1.4670. We do not exclude the falls to 1.4560.