27, April 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The British pound ignores the negative fundamental background that comes from the UK. Despite the Bank of England optimistic forecasts about the personal consumption growth amid the wages decrease - the retail sales official release for March indicates that consumers will retain their spending. Given the fact that the "black gold" market observed the upward trend continuation- during the day we expect a demand for the British pound.

After the strong resistance level of 1.5015 breakthrough buyers continue to be active. The breakthrough was with the following price consolidation above 1.5100.

The price is finding the first support at 1.5100, the next one is 1.5015. The price is finding the first resistance at 1.5200, the next one is at 1.5300.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

We suppose the pair will go to 1.5200 first. Having overcome the first target the price might go upwards to 1.5300.