05, March 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The British pound also came under pressure from the dollar in yesterday's session. It is obviously, the movement driver was a desire to avoid the risk in the light of geopolitical problems in Europe because economic data of "islands" have demonstrated a positive trend and could be the supporting event for the pound.

There is a weak buy signal that will be canceled if the pair breaks the Cloud down. The price is in the cloud and above the Chinkou Span.

The upward movement will be continued as long the price is above the Kijun-sen. The Cloud is growing.
The Tenkan-Sen is directed downwards and the Kijun-Sen is horizontal.

Bollinger Bands indicator points to a direction change. Its bands are broadening.
MACD is in the positive area. The indicator is slowly decreasing

Trading recommendations

The bullish trend is fading out. The level 1.6640 is a reversal point for buyers. If the pair does not break it today its chances to roll back up to the resistance level 1.6750 are high.