16, June 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The pair continued to move in an upward trend. The local resistance is at 1.5700 level. The pair broke this level still it has not consolidated at it.

The pair remains overbought. This may affect the correction of the pair. There is a high probability of the "Dead Cross" formation. You should pay attention to the formed divergence which also signals the resumption of the downward trend.

Tenkan and Kijun are under the influence of the "golden cross", Tenkan and Sinkou A are directed down.

Ichimoku Cloud is growing. A short-term support can be expected at Kijun-Sen.

Bollinger Bands show a continuation of the upward movement.
MACD is growing.

Trading recommendations

We expect the weakening of British pound against the U.S. dollar. The first target in this case is 1.5600 and then the upper limit of the Ichimoku cloud.