30, April 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The maximum update 1.6840 led to the resistance level 1.6830 short break, which has not let the sellers go up for two weeks. The oversold situation led to the rising trend line 1.6800 “redraw”, above which the trading continued. However, the traders could not gain a foothold above the current resistance level 1.6830.

The support is 1.6800, and the next one is 1.6730. The resistance is 1.6850.

There is a strong and confirmed buy signal. The price is above the Cloud and above the Chinkou Span.The upward movement will be continued as long the price is below the Kijun-Sen.

The MACD histogram is pointing up, indicating the current upward price movement.

Trading Recommendations

The situation has not chanhed. The pair is close to the resistance level 1.6830. If the level is broken up, the buyers will continue the upward trend. The potential growth targets will be 1.6900, 1.6950, 1.7000 levels.