19, September 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The published statistics showed the unemployment rate decrease by ILO to 6.2% against the expected 6.3%.

The most important was the message that two representatives of the Fed committee again offered to raise the interest rates by 0.25% at the last meeting.

The corrective pound growth was observed followed by the resistance level of 1.6340 breakthrough. The buyers came up to this level against the increased volumes backdrop.

The price is finding the first support at 1.6340, the next one is at 1.6270. The price is finding the resistance at 1.6440.

There is a non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

The potential rebound target is the level of support 1.6100.