GBP/USD (a 4-hour chart)
In the morning we expect the British pound quotations growth. According to the British Industry Confederation February data, the manufacturing sector PMI index growth in March with the production orders increase allowed us to expect the moderately positive data output.
The British pound is growing along the entire market - investors open long positions almost within all cross-rates, led by the pound. Taking into consideration that institutional investors prefer to keep positions for a long period of time – we may expect the upward trend continuation.
The price is finding the first support at 1.5670, the next one is 1.5550. The price is finding the first resistance at 1.5775, the next one is at 1.5950.
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 and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD histogram is in a positive territory. The price is growing.
We believe the growth will be continued now. The first target is the level 1.5775, the next one is 1.5950.