Fort Financial Services - Analytics

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GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The «UK housing prices balance indicator by RICS» rose more than expected for the last month. According to the report prepared by the British Royal Institute of Chartered Surveyors (RICS), the indicator (given to the seasonal fluctuations) was 44% compared with 40% the previous month. Experts expected the rate growth for the last month to 42%.

The United States provided the retail sales important data in July and the number of initial jobless claims. The retail sales data in July increased by 0,6% and the initial jobless claims came out less by 4 000 the forecasted median.

Buyers have broken through and consolidated above the level of 1.5550. The level breakthrough was on the low volumes, but it opened the way for the resistance level of 1.5670. Then the pair rebounded downwards and formed a consolidation.

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 an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”. 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 upward bounce potential target are 1.5670, 1.5775.

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