19, December 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

According to the National Statistics Office report there was the salary increase that exceeded the annualized inflation level. According to the British Retail Consortium this factor with the November sales increase points out to the positive release. The pound can get some support, but this growth should be used for short positions opening amid the increasing demand for the dollar.

The price is finding the support at 1.5550. The price is finding the first resistance at 1.5660, the next one is at 1.5760.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement.

The MACD histogram is in a negative territory. The price is correcting.

Trading recommendations

After the trend line 1.5550 breakthrough down the way to the support levels 1.5500, 1.5440 will be opened.