10, February 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Traders will take a break to assess the future trends perspectives amid the absence of the UK and the US important macroeconomic statistics. The US labor market positive data can spur demand for the US dollar. The UK 10-year bond yields are growing in relation to the US and German securities which is a bullish factor.

The key resistance of 1.5300 is still relevant. Buyers have tried to test this mark, but without subsequent level breakthrough.

The price is finding the first support at 1.5200, the next one is 1.5100. The price is finding the first resistance at 1.5300, the next one is at 1.5400.

There is a confirmed and a strong buy signal. The price is above 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 upward movement will be until the price is above the Cloud.

The MACD histogram is in a positive territory. The price is correcting.

Trading recommendations

The pair can breakthrough to the support level of 1.5200. After breaking 1.5200 the pair may go to 1.5100.