06, April 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Catholic world celebrated Good Friday and in this regard the London banks were closed. The weak macroeconomic statistics pointed out to the US labor market negative data. It should also be noted that in the context of low inflation investors will closely monitor the average earnings data.

The trade within this instrument was near the level of 1.4800 the whole week. The short-term level breakthroughs were followed by the returns reversal. The pair increased and tested the resisnace level of 1.4920 at the end of the trades.

The price is finding the first support at 1.4800, the next one is 1.4650. The price is finding the first resistance at 1.4920, the next one is at 1.5015.

There is a non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.

The MACD histogram is in a neutral territory. The price is consolidating.

Trading recommendations

The buyers need to break above 1.4920 for a steady growth. The way to the marks of 1.5015, 1.5100 will be opened after this breakthrough.