20, February 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The British pound fell versus the dollar. The pair continues to gradually consolidate after an unsuccessful attempt to break above the resistance 1.6750. The potential target for the correction is 1.6200.

There is a strong and confirmed buy signal. The price is above the cloud and above the Chinkou Span.
The upward movement will be in a force as long the price is above the Kijun -sen. The Cloud is growing.

Bollinger Bands indicator points to a northern movement. Its bands are turning showing a lateral movement..

MACD is in the positive area. The indicator slowly began to decline, indicating that the bullish sentiment gradually fades.

Trading recommendations

A good rebound occurred from the resistance level 1.6800. Virtually no corrective movements British approached the level of 1.6640. The upward trend is still relevant. The main support level 1.6640 is not broken yet.