16, February 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The GBP/USD could not hold its positions amid the widespread buying of the dollar. The dollar became so popular after the strong US retail sales. The report had shown that the inflation kept accelerating in the country, as a result the Fed might review its plans about the rates rising. The lack of UK statistics made traders turn their views to the oil dynamics.

The price is finding the first support at 1.4400, the next one is at 1.4320. The price is finding the first resistance at 1.4480, the next one is at 1.4560.

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

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

Trading recommendations

After the trend line 1.4400 breakthrough down the way to the support 1.4320 will be opened. We don’t exclude that the pair can grow to the resistance level of 1.4480. After breaking 1.4480 the buyers may go to 1.4560.