21, January 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The UK will please traders with the interesting macroeconomic releases. The Bank of England monetary policy last meeting minutes will be published soon. Traders will stay away from the active trading prior to their publication and will take a wait-and-see position.

Earlier this month there was the support level testing of 1.5100 where the price rebounded upwards and tested the resistance level of 1.5200, then the pair decreased.

The price is finding the first support at 1.5100, the next one is at 1.5015. The price is finding the first resistance at 1.5200, the next one is at 1.5300.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement.

The MACD histogram is in a neutral territory. The price is falling.

Trading recommendations

The approach to the level of 1.5100 may lead to a price consolidation. The potential rebound target is the support level of 1.5200.