13, January 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

We do not expect the US interesting macroeconomic releases. The UK CPI release for December will be published that will show the inflationary pressure compression.

From the level of 1.5100 we could see the pound corrective growth against US dollar. The formed correction takes place amid the increased volumes. The current price is trading below the resistance level of 1.5200, to which buyers came towards the upward channel.

The price is finding the first support at 1.5100, the next one is at 1.5015. The price is finding the first resistance at 1.5200, the next one is at 1.5300.

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 downward movement and form a “Golden Cross”. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

After the level of 1.5200 breakthrough upward the way to the resistance level of 1.5300 will be opened.