15, June 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Great Britain did not please traders with the interesting report publication and in this connection we should pay attention to the US macroeconomic data. The leading indicator points out to the Michigan University PPI and Consumer Confidence positive data output which may contribute to the demand for the dollar. The US and the UK negative bond yields are increasing which is a bearish factor for the British pound. The June Michigan Consumer Sentiment Index data showed 94.6. The forecast was 91.4.

The pound upward trend remained stable. Having broken through the strong resistance level of 1.5550 upwards the price closed the trades above this mark.

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 at 1.5775.

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 an upward movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The potential growth target is the resistance level of 1.5670.