21, June 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

Data on retail sales in the UK, even with their traditional volatility, presented the strongest surprise to market participants, provoking a sudden fall from the low levels of the session. Dealers note an increase in buyer activity, but warn that to weaken the risks of further falling the pair still needs to get back above the fifty-fifth figure - an obstacle for it. Meanwhile, there is a large number of offers around 1.5470/80. However, the support of 1.5420/1.5380 looks good and can provide a platform to stabilization in the short term after the day before yesterday's collapse.

Tenkan and Kijun are going down, if the lines cross each other they may form a "dead cross".

Ichimoku Cloud is growing. A short-term support can be expected at Kijun-Sen.

Bollinger Bands show a continuation of the upward movement. Its bands are narrowing.
MACD is going down.

Trading Recommendations

The pair GBP/USD continues falling. We believe that the first target at 1.5340 will be worked out soon. Then we expect the return to the level 1.5490. After which the GBP/USD shall continue going down to 1.5230.