10, April 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The British currency steadily strengthened versus the dollar and grew up by almost 150 points. Good economic news strengthened the pound, everything indicates to the positive results of the current processes. The industry data gave the pair additional impulse yesterday that helped the pair to continue the growth.

Amid the positive fundamental data for GBP, the pound strengthened versus the U.S. dollar. The price left the downward channel that led to the power growth, which is likely to continue at today's trading session.

The first support is 1.6730, the next one is 1.6700. The resistance is at 1.6780.

There is a strong and confirmed buy signal. 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 directed upwards. The Tenkan-Sen and the Kijun-Sen are directed upwards.

The MACD histogram crossed the zero line upwards; the indicator is in the positive zone, and it continues to smoothly grow up.

Trading recommendations

We expect a slowdown in speed. The pair has not been so high since 2009. The correction chances are pretty high. The bounce down will be to the level 1.6670. The indicators confirm an upward movement to the level 1.6800.