13, August 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Taking into account bonuses, the UK average wage fell to 2.4% in June against the earlier 3.2%, but it was expected a decline to 2.8%. The number of jobless claims further declined than expected: -4.9K vs. 1.5K. The debate figure was revised downwards from 7.0K to 0.2K. The unemployment rate has not changed and confirmed the forecasts - 5.6%.

Buyers corrected the price to the level of 1.5610 on the low volumes. It was expected the given level testing but bulls did not test it.

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 confirmed and a strong 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 and form a “Golden Cross”. The upward movement will be until the price is above the Cloud.

The MACD histogram is in a positive territory. The price is growing.

Trading recommendations

If the price fixates above the resistance 1.5670, it may continue the upward trend in the short term. The potential targets are 1.5775 and 1.5950.