07, May 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The British Pound continues to trade upwards, fighting off competition from a strong support level 1.6830. Trading takes place in the direction of the rising trend line 1.6865 which is a good support for customers.

In addition, it should be noted ever-rising volumes towards the bullish trend - the potential upward trend remains relevant.

The resistance level 1.6910 retest is expected in the short terms.

The support is 1.6940, and the next one is 1.6860. The resistance is 1.7000.

There is a strong and confirmed buy signal. 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 MACD histogram is pointing up, indicating the current uptrend movement rates.

Trading Recommendations

The fundamental data became the trading driver for the pair. If due to them buyers will be able to break above 1.6910, subsequently it opens the way to 1.7000.