25, April 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The consolidation at the resistance level 1.6835 led to the correctional pullback down. The rollback’s target is a rising trendline 1.6760 as the price went up to a maximum of three weekly volumes.

The rising trendline 1.6760 is a strong enough resistance. The continued consolidation near this level is more likely to serve as a good sign for the medium rising trend continuation.

The support is 1.6730. The first resistance is 1.6800, and the next one is 1.6850.

The MACD histogram is decreasing.

Trading Recommendations

The reverse rebound from 1.6760 will lead to the 1.6835 resistance level third retest. The level breakthrough upwards will open the way to the level 1.6900.