05, February 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The pound keeps showing positive dynamics due to the several factors. Firstly, the oil prices growth, secondly – the dollar weakening and thirdly, the UK chances to leave the EU have been significantly decreased.

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 1.4630, the next one is at 1.4700.

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 and the Kijun-sen show 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 correcting.

Trading recommendations

The potential growth targets are the resistance levels: 1.4630, 1.4700.