Fort Financial Services - Analytics

Fort Financial Services

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GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

There was a bearish sentiment predominance on the debt market negative dynamics in the absence of important macroeconomic statistics. The UK government bonds yield is reduced relative to their counterparts from the US and Germany that will put pressure on the British currency. The third US GDP assessment impacts on the pair's strengthening. The data showed a decrease to 0.2%.

The British pound upward trend turned down after the strong support level of 1.5810. The breakthrough occurred on the lower volumes. Currently, there is a short-term upward correction.

The price is finding the first support at 1.5670, the next one is 1.5550. The price is finding the first resistance at 1.5775, the next one is 1.5950.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement.

The MACD histogram is in a neutral territory. The price is decreasing.

Trading recommendations

The pair can grow to the resistance level of 1.5775. After breaking 1.5775 the buyers may go to 1.5950.

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