29, August 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

The British pound did not grow against the American dollar. The important economic and political news weren’t published nor in the Britain, nor in the United States.

The level of 1.6640 breakthrough occurred at lower volumes, the price for the fourth time will be able to test the 1.6640 downward trend line strength (the downtrend channel upper bound).

The price is finding the first support at 1.6570, the next one is at 1.6500. The price is finding the first resistance at 1.6640, the next one is at 1.6700.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD histogram is in a negative territory. The price is fixing.

Trading recommendations

After the trend line 1.6570 breakthrough down the way to the support 1.6500 will be opened.