21, March 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The English Central Bank left the rate unchanged. According to the Bank’s minutes the regulator’s tone was not so pessimistic that pushed the quotes upwards. The regulator noted growth of uncertainty due to the threat of Brexit, still he was quite positive regarding the economic situation.

The price is finding the first support at 1.4480, the next one is at 1.4400. The price is finding the first resistance at 1.4560, the next one is at 1.4640.

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 shows an upward movement and the Kijun-sen shows 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

We expect the 1.4560 line break that will open the way for the buyers to 1.4640.