16, November 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The UK insignificant indices publication has not supported the pound. The traders’ attention was focused on the US retail sales news. The pair GBP/USD is trading above the support level of 1.5200 for the first time since last Thursday when the Bank of England MPC meeting took place.

The price is trading above 1.5200. The level of 1.5200 is a strong support and the price could not fall below this mark.

The price is finding the first support at 1.5200, the next one is 1.5150. The price is finding the first resistance at 1.5300, the next one is at 1.5390.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen a horizontal movement and the Kijun-sen shows shows an upward movement and form a “Golden Cross”.

The MACD indicator is in a positive territory. The price is consolidating.

Trading recommendations

The buyers need to break above 1.5300 for a steady growth. The way to the mark 1.5390 will be opened after this breakthrough.