16, August 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

Minutes of the meeting of the Bank of England's Monetary Policy Committee, held on 31 July and 1 August and released on Wednesday showed that the committee voted unanimously to keep interest rates on hold at 0.5%.

Ichimoku Analysis

The pair keeps working out a "golden cross. The current buy signal is strong and confirmed, as Chinkou span entrenched above the price, and the price is above the Ichimoku cloud.

If the growth continues, the pair will continue growing to 1.57. First the pair needs to consolidate at 1.56, reached yesterday. The cloud is directed upwards. Tenkan-sen is slightly increased and the Kijun-sen is horizontal.
Bollinger Bands indicator shows an upward movement, the bands are directed up narrowing.
MACD changed its mind about falling and returned to growth.

Trading Recommendations

The traders prefer to buy now. The pair is growing towards June maximum 1.5770. We believe the pair to stay awhile at 1.56 to gain some forces to continue its growth.