06, June 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The pair was being traded in a range 1.5365 and 1.5310.

The situation is similar to the euro/dollar. The difference that the pair came out of the flat and traders are buying it. The general trend is directed upwards now.

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 price is testing the upper boundary of the channel. The pair tried to break through the may third but failed.

This resistance can turn the pair back to 1.5300, but we do not think that it can greatly affect the overall trend. We'll just have to wait for growth.