06, March 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The British currency also finished the day with neutral results versus the dollar. The pound jumped amid the political tension lowering was offset by the end of trading.

The support is located at the level 1.6600. The resistance stands at the levels - 1.6670 and 1.6750.

There is a weak buy signal that will be canceled if the pair breaks the Cloud down. The price is above 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 and the Kijun-Sen are horizontal.

Bollinger Bands indicator points to a flat. Its bands are narrowing being directed aside.
MACD is in the positive area. The indicator is slowly decreasing

Trading recommendations

The support 1.6640 limits the further fall of the price.

The break of the support 1.6640 will lead to a reversal of the rising trend. The potential targets will be the levels: 1.6600, 1.6545.