20, February 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The pound slightly fell. Earlier the British pound strengthened against all of its major competitors. The pound was supported by the UK economic data that declared a high employment level.

The strong resistance level of 1.5400 was broken. The pair is consolidating above this level.

The price is finding the first support at 1.5400, the next one is 1.5300. The price is finding the first resistance at 1.5510, the next one is at 1.5620.

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

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

Trading recommendations

The pair can grow to the resistance level of 1.5490.