17, April 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The pound also spent the last session in the lateral trade and as the euro, prices closed the day at the dispute with the dollar. However, the pair showed a quite multidirectional activity after the UK news was published.

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 market is not ready to decrease. We should expect a continued growth in the near future. If buyers are able to break above 1.6800, the next target will be 1.6850.