07, November 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

"The British" fell in yesterday trades. Earlier the British pound was able to compensate most of the losses, provoked by the weak national statistics. The previous manufacturing activity publication was strong, but the construction sector state indicators have disappointed investors.

The British pound updated lows at the level of 1.5870. The price has been reduced under this level.

The price is finding the first support at 1.5660. The price is finding the first resistance at 1.5870, the next one is at 1.5950.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD histogram is in a negative territory. The price is decreasing.

Trading recommendations

The price keeps going down. The pair now seems to be heading towards its immediate support near