30, March 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The UK retail sales positive report shows the private consumption growth which is a positive factor for the economy. The Bank of England Governor Mark Carney once again stated in his speech at the Bundesbank conference that the next step from the Bank of England part would be the interest rates increase. Mark Carney also said that the life standard recovery in the US is stronger than in the UK.

The upward correction, formed from the support level of 1.4650 is gradually turning to a consolidation. The key support is the mark of 1.4800.

The price is finding the first support at 1.4800, the next one is 1.4650. The price is finding the first resistance at 1.4920, the next one is at 1.5015.

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

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

Trading recommendations

The buyers need to break below 1.4800 for a steady decrease.