23, April 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

Price consolidation at 1.6800 resistance happens with a slight slope down. The update maximum of the last week 1.6820 is followed by a correctional lowering on the declining volume.

The support is 1.6800. The resistance is 1.6850.

There is a strong and confirmed buy signal. The price is above the Cloud and above the Chinkou Span.

The upward movement will be continued as long the price is above the Kijun-Sen. The Cloud is directed upwards. The Tenkan-Sen and the Kijun-Sen are directed upwards. Both lines are horizontal.

The MACD histogram is decreasing. The indicator is in the positive zone.

Trading Recommendations

The upward trend remains as the volumes do not support corrective pullback which the main target is the support level 1.6755. The 1.6755 level retest which is located near the rising trendline is more likely to be followed by the price upwards rebound.

The potential target for a growth should be the resistance level 1.6835.