05, June 2013

GBP/USD (a 4-hour chart)

General overview

The pound significantly grew closer to the maximum of the last week. We believe that the upward correction movement is almost over and the third downward wave will be unfolded quickly and impulsively.

The pound, on the other hand, keeps very well. The latest rate decision is not likely to be an unexpected event. This adds more stability to the pair.

Ichimoku Analysis

Chinkou Span is below the price chart. Tenkan-Sen is below the Kijun-Sen. Tenkan-Sen is directed upwards, Kijun-Sen is horizontal. The Cloud is directed down.

Bollinger Bands are broadening.
MACD is in a positive zone now and keeps growing.

Trading recommendations

The pair rolled back on the support before recovering.

We recommend going long higher from the pivot 1.523, as it will serve as a support when the pair will grow to levels 1.5375 - 1.541.

Otherwise, if the price goes down the support levels are 1.515 - 1.511.