11, March 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Housing Price Balance rose less than expected last month. The index showed 50% compared with 48% in the previous month. These data were revised downward to 49%. Experts had expected a growth rate to 51% for the last month. According to the British Prime Minister David Cameron the country's exit from the European Union would put pressure on the pound.

The price is finding the first support at 1.4240, the next one is at 1.4160. The price is finding the first resistance at 1.4320, the next one is at 1.4400.

There is a confirmed and a strong buy signal. The price is above the Ichimoku 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 positive territory. The indicator is decreasing.

Trading recommendations

The growth was continued. The main short-term target is the level of 1.4400. Shall the price consolidate over that level the growth shall be continued to 1.4560 – 1.4600.