16, April 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The pound held the session in a narrow range versus the dollar and closed at the almost opening prices, slightly lower. News from the U.K., that could affect the position of the pound, was not actually received.

The first support is 1.6730, the next is 1.6670. The resistance is 1.6800.

There is a strong and confirmed buy signal. The price is above the Cloud and above the Chinkou Span.

The upward movement will be continued as long the price is above the Kijun-Sen. The Cloud is directed upwards. The Tenkan-Sen and the Kijun-Sen are directed upwards. Both lines are horizontal.

The MACD histogram is decreasing. The indicator is in the positive zone.

Trading recommendations

The pair is correcting. If it keeps falling it will go to 1.6670. The rebound from 1.6730 to 1.6800 can happen in a short term.