30, March 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The widespread dollar selling supported the pair GBP/USD. We recommend to pay attention to Manufacturing PMI which will be published on Friday. We also wait for Mark Carney’s performance (Bank of England Chairman) on Thursday.

The price is finding the first support at 1.4320, the next one is at 1.4240. The price is finding the first resistance at 1.4400, the next one is at 1.4480.

There is a non-confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement forming a “Golden Cross”. The upward movement will be until the price is above the Cloud.

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

Trading recommendations

We expect the 1.4400 line break that will open the way for the buyers to 1.4480.