10, December 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The US ambiguous statistics remained practically unnoticed. Last month the industrial production volume increased by 0.1% m/m and 1.7% y/y, having exceeded the forecast by 0.0% and 1.2% respectively. Meanwhile, the manufacturing sector production declined by 0.4% m/m and 0.1% y/y, having confound expectations of 0.0% and 0.1%.

The price is finding the first support at 1.5150, the next one is at 1.5100. The price is finding the first resistance at 1.5200, the next one is at 1.5300.

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 and the Kijun-sen show an upward movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a posiive territory. The price is growing.

Trading recommendations

We recommend going short with the first target – 1.5150. When the price consolidates below the first target it may go to the level 1.5100.