GBP/USD (a 4-hour chart)
The euro fell and pulled the pound down as well. The fall was due to investors panic and sell risky assets.
If we analyze the dynamics of the pair during the last few weeks, we can see that the pair continues going up and even the negative economic news only slow its growth and do not stop.
This week's release is a key UK GDP for the fourth quarter of 2013, also pay attention to the balance of payments and consumer sentiment index GfK.
The pair is being traded above the Ichimoku cloud. The buy signal is a strong and confirmed.
The Tenkan-Sen line is above the Kijun-Sen. Tenkan-Sen is horizontal, Kijun-Sen is going up. The Cloud is growing.
Yesterday there was a correction. The pair retreated to the level 1.5145. If the north movement resumes the pair will go again to the resistance level 1.5180. After consolidating at this level, the pair will continue growing to 1.5250.
Bollinger indicator shows divergence in the lines. The price dropped and stopped on the lowest line of the indicator from which is going to push off to move up.
MACD is above zero. It generates a divergence with the signal line, which could mean a fall in the near term.
MACD histogram is in the negative zone at the daily timeframe. It is located above the signal line and going up. This may be a signal of a trend reversal and consolidation uptrend.
In case of further price correction will fall to the level 1.5145.
If the pair returned to the northern movement, its goal will be 1.5180, then 1.5255.
When the price moves we should move and stop-loss level. When we get profit of 20-30 points stop loss should be placed into the break even.
When you open positions consider the fundamental analysis and the time of its release as well.