11, April 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The pound was successful versus the dollar after the manufacturing field and the industrial production publication which were better than it was expected. The merchandise trade deficit February was close to the forecasts and had little impact on the pound, which continues to trade at the same high levels.

The support is 1.6730. The resistance is 1.6800.

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

The volumes are weak, a bounce down is expected. The potential rollback target is 1.6730.
The main goals of the growth are: 1.6800, 1.6850, 1.6875.