23, December 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The British currency is quite sensitive to the oil prices further decline, preventing the pair recovery even in conditions of the fading interest in the dollar purchases. Another negative factor was the British Industry Confederation retail trade report where the sales balance amounted to 19 against the expected 21, still it has grown significantly in comparison with the previous value of 7.

The price is finding the first support at 1.4760, the next one is at 1.4700. The price is finding the first resistance at 1.4830, the next one is at 1.4900.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

We may expect the trading in a flat at the level of 1.4830 further on we expect a growth to 1.4900.