19, May 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

England published unemployment data: Claimant Count Change (-2.4K vs. forecast 14.7K), Unemployment rate remained unchanged (5,1%), Average Earnings including Bonus (2,0% vs. expectations 1,7%).

The price is finding the first support at 1.4560, the next one is at 1.4480. The price is finding the first resistance at 1.4670, the next one is at 1.4760.

There is a non-confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement forming a “Golden Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

We expect the 1.4670 line break that will open the way for the buyers to 1.4760.