08, April 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The traders’ attention will be focused on the Markit Economics service sector business activity release. The UK/US service sector business activity indicators will come out in the positive area amid the ISM weak data which undoubtedly will be reflected in the quotations. The upward trend in the "black gold" market is also playing into the bulls’ hands within the British pound.

Buyers failed to fixate above the resistance level of 1.4920. The level break through was followed by the short-term price decrease.

The price is finding the first support at 1.4920, the next one is 1.4800. The price is finding the first resistance at 1.5015, the next one is at 1.5100.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement.

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

Trading recommendations

The pair can fall to the resistance level of 1.4800.