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

    After a slight decrease there was a flat amid the UK and the US important macroeconomic statistics. On the one hand, the British pound could get support from the bond market as well as the pair EUR/GBP. The UK 10-year government securities are growing against the US Treasuries and the German bond yields which contribute to the British pound demand.

    The British pound is consolidating towards the side levels of 1.5670 - 1.5550. There was the level of 1.5550 testing.

    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.

    There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.

    The MACD histogram is in a positive territory. The price is consolidating.

    Trading recommendations

    The pair can grow to the resistance level of 1.5670. After breaking 1.5670 the buyers may go to 1.5775.

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