GBP/USD (a 4-hour chart)
The British currency fell down following the euro. The pound has fallen because of negative economic data, especially the pressure exerted GDP for the fourth quarter of the last year, which fell by one percent. The balance of the current account deteriorated to the level - 14,037 billion pounds.
The pair is being traded above the Ichimoku cloud working out “a dead cross”. The buy signal is strong and confirmed.
The Tenkan-Sen line is above the Kijun-Sen. Tenkan-Sen is going up, Kijun-Sen is horizontal. The Cloud is neutral.
If the north movement resumes the pair will go to 1.5180. After consolidating at this level, the pair will continue growing to 1.5250.
Bollinger midline gently continues to turn up. The price range is narrowing, reflecting another change in the very short-term trends. It is recommended to wait until the situation is cleared.
MACD generates a signal to sell. The histogram is going down. We are waiting for a bearish signal.
It is likely that the pair will demonstrate a downward trading in the nearest future. The downtrend is developing without any incident and very smoothly, which, in general, is appreciated by the market.
If the pair returns to the northern movement its goal will be 1.5180, then 1.5250.
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 a break even.
When you open positions consider the fundamental analysis and the time of its release as well.