31, May 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Monday trading was low volatile due to holidays in the US and UK markets.

Current situation

The pair GBP/USD continued its correction from the recent high near 1.4760. Yesterday the trading was low volatile due to Spring Bank Holiday in the UK. The price was traded at the opening price level almost the whole day. Only by the end of the day the pair slightly increased. The support is at 1.4560, the resistance is at 1.4670.

MACD is in a positive area. The histogram is below the signal line. The indicator kept decreasing. RSI is neutral.

Trading recommendations

We suppose the pair will go to 1.4560 first. Having overcome the first target the price might go downwards to 1.4480.