17, November 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The absence of the UK macroeconomic news and the US weak statistics was not reflected on the pound. Investors did not manage to rise the British pound amid the overseas weak news and there were not any reasons for the dollar growth. The UK housing prices index declined on Monday November 16th.

The pair GBP/USD was between the levels of 1.5200 and 1.5300, being kept most of the day above the key level of 1.5200.

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 shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”.

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

Trading recommendations

The pair can grow to the resistance level of 1.5300. After breaking 1.5300the buyers may go to 1.5390.