09, January 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The northern movement is confirmed and strong. The price is fixed above the cloud and below the line Chinkou Span.

The upward movement will be in a force as long the price is above the Kijun -sen. Kijun –sen and Tenkan-Sen are horizontal. Tenkan-Sen is crossing Kijun-sen down.

Bollinger bands indicator is turning down.
The current downward movement is confirmed and by MACD histogram.

Trading recommendations

The pair is in the Ichimoku cloud, indicating that market uncertainty. It is better to stay away from trading as the pair does not set the direction yet. Should the pair break the cloud up it will go to the level 1.6555, if it goes down our target is 1.6313.