GBP/USD (a 4-hour chart)
Despite the UK rapid inflation decline – we should not expect surprises from the Bank of England in terms of monetary policy changes. All the negative predictions have already been laid in the current market price and against this background the traders’ attention will be focused on the US statistics.
The resistance level of 1.5200 was tested. The test led to the level breakthrough was followed by the rapid price growth. The resistance level of 1.5300 was broken upwards.
The price is finding the first support at 1.5300, the next one is 1.5200. The price is finding the first resistance at 1.5400, the next one is at 1.5510.
There is a confirmed and a strong buy signal. The price is above the 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 histogram is in a positive territory. The price is growing.
The pair can grow to the resistance level of 1.5400. After breaking 1.5400 the buyers may go to 1.5510.