23, June 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

On Wednesday, the dollar fell against major currencies when the polls showed almost parity between the supporters and opponents of the Brexit.

Current situation

The pound remained at the same levels yesterday. All trades were between the marks 1.4670 and 1.4760. The GBP/USD spent the day bouncing from the channel borders. The resistance is at 1.4760, the support come in at 1.4670.

The price is above the Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages direction is upwards.

All indicators are overbought. MACD is in the positive area. The histogram decreased. If MACD decreases further the pair will fall. RSI remained below the overbought level of 70. The oscillator will show a sell signal until it stays below the overbought area.

Trading recommendations

The pair is going upwards. The bulls’ target is the level 1.5000. If the price falls it will get to 1.4400.