11, November 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

We expect more volatility trading the second half of the week after a quite enough the first part. The BoE Governor Mark Carney's speech will be in the center of traders' attention on Wednesday.

The pair GBP/USD the dollar rally somewhat slowed down. The pair has recovered and now it is trading above1.5100.

The price is finding the first support at 1.5100, the next one is 1.5040. The price is finding the first resistance at 1.5150, the next one is at 1.5200.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is consolidating.

Trading recommendations

If the price fixates below the support 1.5100, it may continue the downward trend in the short term. The potential target is 1.5040.