29, January 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Traders ignored the UK weak economic growth release which jeopardizes the bearish trend development. In this regard, the statements made by the Fed last night will determine the pair GBP/USD future dynamics.

The support level of 1.5015 stopped the pound downward trend. The formed correction will enable buyers to raise the price to the daily resistance level of 1.5200.

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 non-confirmed and a weak 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 consolidating.

Trading recommendations

After the trend line 1.5200 breakthrough upward the way to the support 1.5300 will be opened.