09, May 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The US newsflow attracted traders’ attention amid an empty macroeconomic calendar in Britain. Non-Farm Payroll became the main event of the week (160K vs. forecast 202K). The unemployment rate remained at the same place as expected.

The price is finding the first support at 1.4400, the next one is at 1.4320. The price is finding the first resistance at 1.4480, the next one is at 1.4560.

There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement forming a “Dead Cross”. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

After the support level of 1.4400 breakthrough down the way to the support 1.4320 will be opened.