11, December 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The British pound also rose against the dollar yesterday; the dynamics of the British currency showed more impressive strengthening rate than the euro.

The current target is to test 1.6750. The minor resistance is 1.6620. The immediate support is 1.6300 that is likely to continue limiting the possible attempts to fall.

The pair is growing. Kijun-Sen and Tenkan-Sen are directed upwards. Chinkou is below the chart, the price is above the Ichimoku cloud. The upward movement will be continued as long as the Kijun-sen is below the price.

Bollinger bands are directed upwards they are changing a direction, turning down.
MACD histogram is in positive zone, its volume grows.

Trading recommendations

New highs allowed the price to consolidate above the level 1.6430. But as the growth of the pound is not supported by the volumes, the corrective pullback to support 1.6430 is expected.