29, April 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

We have a strong buy signal. The pair is being traded above the Ichimoku cloud. Its growth was supported by the latest news. In particular, the UK GDP was higher than the wildest predictions were.

The price is above the Ichimoku cloud, the Tenkan-Sen is below the Kijun-Sen. Both lines are directed upward. The Cloud has an upward direction.

If the pair consolidates above the current level 1.5460, the northern movement is likely to continue. The upward movement will be actual as long as the pair is above the Ichimoku cloud.

"Bollinger Bands" are directed upward. We recommend going long.
MACD grew confirming the growth.

Trading recommendations

The price grew to an important resistance level 1.5460 on strong GDP data. If the pair consolidates above this level the further growth may be continue.

It is also possible and roll back to the level 1.5370 (1.5350). The positive U.S. GDP data can pressure the pair.

Still while the pound is in demand we can expect it grow to the resistance 1.5410 and break trough it with the further growth to 1.5450 (1.5510).