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

On the one hand, the UK energy sector and, on the other hand, demand for the US dollar depends on the Brent crude oil dynamics. The USA data s as well as the crude oil reserves increases. The Brent shows the downward trend continuation.

Buyers were able to break through and consolidate above the resistance level of 1.5670. However, after bears attempted to break through the level of 1.5670 downwards with the downward correction. Then the pair increased and tested the level of 1.5775.

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.

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 and the Kijun-sen show a horizontal 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 is close to the strong resistance level of 1.5775. If the pair breaks it we expect the growth to 1.5950.

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