12, August 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

According to the BRC, the UK retail sales in the same stores fell by 1.2% y/y vs. 1.8% y/y in July. It was expected a decline by 1.0%. The UK average wage reports for June are of great interest as well as July jobless claims number changes for July. The news output is expected on Wednesday.

It was the resistance level of 1.5550 breakthrough within the pair GBP/USD. The pair is consolidating.

The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775.

There is a non-confirmed and a weak buy signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD histogram is in a neutral territory. The price is consolidating.

Trading recommendations

The buyers need to break above 1.5670 for a steady growth. The way to the mark 1.5775 will be opened after this breakthrough.