24, March 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The UK manufacturing sector shows a growth that allows us to count on the British Industry Confederation positive release. On the contrary, the United States will not please traders with the strong macroeconomic data. It is observed the Germany and the UK 10-year bond yields reduction on the bond market which will act as a deterrent for the bulls.

The pair is trading around the level of 1.4920.

The price is finding the first support at 1.4920, the next one is 1.4800. The price is finding the first resistance at 1.5015, the next one is at 1.5100.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement.

The MACD histogram is in a positive territory. The price is consolidating.

Trading recommendations

The buyers need to break above 1.5015 for a steady growth. The way to the mark 1.5100 will be opened after this breakthrough.