17, June 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The GBPUSD has quite moderately grown over trading Friday, whereupon made a sharp rise at the end of the day after the Central Bank of England Mark Carney statements who reported that interest rates in the UK can be increased even earlier than that expected by the market. Naturally such a statement has caused a sharp rise in a quotes pair, because the market has played out its expectations and perhaps at this stage it is not over.

The price is finding the first support at 1.6940, the next one is at 1.6860. The price is finding the resistance at 1.7000.

There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The uptrend movement will be until the price is above the Kijun-Sen.

The MACD histogram is in positive territory.

Trading recommendations

The pair continues its growth wave. We not exclude 1.7025 level testing. We believe the price to continue decrease to the target 1.6655.