GBP/USD (a 4-hour chart)
According to the UK National Statistics Office the country's trade deficit (seasonally corrected) narrowed up to £10.29 billion from £ 10,45 billion in December. The data for the previous month was revised upwards to £9.92 billion. Economists had forecasted that the trade deficit in January amounted £ 10,3 billion.
The price is finding the first support at 1.4320, the next one is at 1.4240. The price is finding the first resistance at 1.4400, the next one is at 1.4480.
There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The indicator is growing.
Our first target – 1.4400 is about to be reached. Shall the pair break it and consolidates above it the northern movement shall be continued to 1.4560. We do not exclude the correction to 1.4240.