16, January 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The British pound can not demonstrate its power against its US counterpart.

The United States will publish the producer price index release, from which it is difficult to expect surprises due to strong commodity market sales that will support the pound.

The EUR/GBP quotations growth amid the Germany negative macroeconomic statistics will also support the British pound.

The pair GBP/USD broke through but could not fixed above the resistance level of 1.5200.

The price is finding the first support at 1.5100, the next one is at 1.5015. The price is finding the first resistance at 1.5200, the next one is at 1.5300.

The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.

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

Trading recommendations

The pair may go to 1.5100 soon. The potential growth targets are the resistance levels: 1.5300, 1.5400.