30, July 2015

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The GBP / USD fundamental background is still mixed. Investors 'attention is directed to the June UK mortgage lending publication which was positive, exceeding analysts' forecasts. Above all, the market was waiting for the US Federal Reserve meeting results. It was expected to hear the same benchmarks that were announced by D. Yellen in Congress two weeks ago. The trade is below the key resistance level of 1.5670. The price consolidation below the mark can lead to the short-term decline.

The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”.

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

Trading recommendations

If the price remains below 1.5670 the downward movement will be continued. The targets are 1.5550 and 1.5460. Shall the price break the level upwards and we will see the growth continuation.