29, April 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Nationwide Housing Prices in the UK amounted to 0,2% compared with 0,8% in the previous month. Experts had expected a growth by 0,4%. The US published the GDP report for April. The data came in at the level of 0,5% q/q (the previous value was 1,4% q/q, the forecast was 0,7% q/q).

The price is finding the first support at 1.4560, the next one is at 1.4480. The price is finding the first resistance at 1.4670, the next one is at 1.4760.

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

The MACD indicator is in a positive territory. The price is increasing.

Trading recommendations

The buyers need to break above 1.4670 for a steady growth. The way to the mark 1.4760 will be opened after this breakthrough.