10, March 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The Bank of England left its key interest rates and the bond-buying program aimed at stimulating the economy unchanged on Thursday. The news had no effect on the pound positions - the market only had slightly fluctuations.

The support stands at 1.6670. The resistance is at 1.6750.

There is a weak buy signal that will be canceled if the pair breaks the Cloud down. The price is above the cloud and above the Chinkou Span.

The upward movement will be continued as long the price is above the Kijun-sen. The Cloud is growing.
The Tenkan-Sen and the Kijun-Sen are horizontal.

Bollinger Bands indicator points to a flat. Its bands are narrowing being directed aside.
MACD is in the positive area. The indicator is slowly decreasing

Trading recommendations

The third retest of 1.6760 has not brought positive results for buyers. The unsure retest 1.6760 level are more likely to lead to a rebound down. The potential rebound goal will be the next support level 1.6600 - 1.6585.