26, July 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The upward movement continues. The price broke 1.5300 the day before yesterday and keeps growing to 1.5440 now. Should the pair overcome this target the upward movement may continue growing to the second resistance level 1.5600.

The upward movement is maintained as long as the price is above the Kijun-Sen. The Kijun-Sen and Tenkan-Sen are directed upwards. The price is above Kijun-Sen and Tenkan-Sen. The Cloud is growing.

Bollinger Bands indicator shows an upward movement, the bands are directed up.
MACD is in a positive area.

Trading Recommendations

The pair came across the resistance in the area between the levels 1.5303 and 1.5412, after which the price fell back down.

We expect a local correction rates down to levels of support between 1.5303 and 1.5128, and then likely further price movement in the direction of local upward trend in the area of resistance levels between 1.5412 and 1.5479.