11, December 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The pair confidently moved north, having slightly corrected from the highs after the oil sharp fall after the recent correction that had previously suported the Sterling growth. Great Briatin has published its October trade balance. The trade balance was expected -11,83V against -9,70V.

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 shows an upward movement and the Kijun-sen shows a horizontal movement, and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

We may expect the trades in a flat between the resistance level of 1.5200 and the support level of 1.5150.