15, April 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The GBPUSD started a correction after three days of an impressive growth. The Bank of England published its minutes and announced the interest rate decision (the rate was left at the same level). Brexit theme due to its uncertainty continued to pressure the currency.

The price is finding the first support at 1.4080, the next one is at 1.4000. The price is finding the first resistance at 1.4160, the next one is at 1.4240.

The price is in the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement forming a “Dead Cross”.

The MACD indicator is in a neutral territory. The price is correcting.

Trading recommendations

The upward bounce potential target is 1.4080. If the price falls it will get to 1.4240.