31, March 2014

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General Overview

The pound was the leader on the Forex market being supported by a good data. The pound rose up sharply after the February retail sales report release.

The first support is in the area of 16600, the next one - at 1.6555. The resistance is located at 1.6670 area.

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 above the Kijun-Sen. The Cloud is turning upwards. The Tenkan-Sen and the Kijun-Sen are growing.

MACD histogram is in a positive area now, the signal line is in a histogram. The indicator is growing showing a buy signal.

Trading recommendations

The pair keeps growing. The immediate goal is the level 1.6670. The 1.6670 breakthrough opens the way to 1.6700. A possible 1.6755 retest is expected.