20, May 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The volume of Retail Sales in the UK rose last month more than expected. (1,3% vs. expectations 0,5%) Analysts expected the index to rise by 0,5% last month.

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 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

The buyers need to break above 1.4670 for a steady growth. The way to the mark 1.4760 will be opened after this breakthrough.