23, December 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The pair's Outlook remains positive as the pair is being traded above the nearest support 1.6190-1.6220. The target of an expected growth is still to test 1.6750. The minor resistance is in the area 1.6620.

Only a break below support at 1.6190-1.6220 may worsen the outlook and open the way to the support 1.5850.The upward trend reversal can happen from any of the above levels.

The northern movement in the market is weak and confirmed. Chinkou Span is above the price and the price is within the Ichimoku cloud.

Bollinger points to a continued upward movement, the bands are expanded.

MACD is still in a positive area and a little above its signal line, but it starts to move substantially parallel to the time axis and currently does no give clear signals.

Trading recommendations

Now we should expect a rebound to resistance level 1.6400.