18, April 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The pair started falling yesterday in the morning as the result the pair slipped to 1.5250. The pound was knocked down by the bad data on the labor market of the Kingdom.

The UK unemployment rate rose to 7.9%, higher than the forecast (7.8%) was. Today the British statistics on retail sales will be published, the forecast – the index will show a decline.

The pair is being consolidated after yesterday's fall. The signal to buy is still in force, although weakened.
The pair is in the Cloud which indicates its uncertainty.

The Tenkan-Sen is above the Kijun-Sen. The Tenkan-Sen and Kijun-Sen are directed downwards. The Cloud has an upward direction.

Bollinger Bands began turning down. That confirms the southern movement.

MACD is below the zero line. The indicator gives a sell signal.

Trading recommendations

We expect a slight recovery to a level 1.53. But if the statistics as predicted is negative, the pair will continue going down. The first goal of the southern movement is 1.5180. Entrenched at this level the pair will go to 1.5120.