03, March 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Britain published construction sector PMI: 54,2 that is lower then the forecasted 55,5. The pound did not receive support from the black gold market positive dynamics. The financial markets showed a steady demand for "risk assets", which allowed the British currency to finish the day in the "green zone".

The price is finding the first support at 1.4000, the next one is at 1.3920. The price is finding the first resistance at 1.4080, the next one is at 1.4160.

The price is in the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement forming a “Golden Cross”.

The MACD indicator is in a neutral territory. The price is growing.

Trading recommendations

The buyers need to break above 1.4080 for a steady growth. The way to the mark 1.4160 will be opened after this breakthrough.