GBP/USD (a 4-hour chart)
The British Industry Confederation published the April industrial orders release. It showed a growth +1 from 0.
The British pound strengthened by 4% for the last two trading weeks and in this regard, some traders can take profits on the long positions which will be a deterrent for the pair’s further growth.
The level of 1.5200 breakthrough occurred towards the upward channel. Earlier this support played the role of a reference resistance.
The price is finding the first support at 1.5200, the next one is 1.5100. The price is finding the first resistance at 1.5300, the next one is at 1.5390.
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 shows an upward movement and the Kijun-sen shows a horizontal 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.
We believe the growth will be continued now. The first target is the level 1.5300. After breaking 1.5300 the buyers may go to 1.5390.