29, June 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Current levels are attractive for medium traders who believe in the upward trend continuation, however, the debt market does not show any sign of this, the signal to long is weak.

Sellers failed to break below the strong support level of 1.5670. The reverse return to has led to a growth to the level of 1.5775 with a consolidation below this level.

The price is finding the first support at 1.5670, the next one is 1.5550. The price is finding the first resistance at 1.5775, the next one is 1.5950.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement.

The MACD histogram is in a neutral territory. The price is consolidating.

Trading recommendations

The approach to the level of 1.5775 may lead to a price rebound down. The potential rebound targets are the support levels of 1.5670, 1.5550.