23, May 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Investors positively accepted the new survey data regarding Brexit (from ComRes/ITV ). According to the poll: 52% of UK people would vote against Brexit which supported the pound. The UK published Industrial Trends Survey - Orders (-8 vs. forecast -13).

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 1.4670.

We have a weak buy signal. The price is above the Ichimoku Cloud and the Chinkou Span lines. The Kijun-sen shows a horizontal movement, the Tenkan-sen line is directed downwards.

The MACD indicator is in a positive territory. The price is decreasing.

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. If the GBP/USD fixates below 1.4400 it shall decrease to 1.4240.