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

The UK National Statistics Office published the second GDP estimate for the second quarter. Most of macroeconomic releases pointed to the fact that there will not be revision in the positive direction, as the unemployment in the second quarter has grown by 0.1%. On the other hand, the United States revised the first GDP estimate by 1.4%.

Sellers have broken through two strong support levels of 1.5460, 1.5390.

The price is finding the first support at 1.5300, the next one is 1.5200. The price is finding the first resistance at 1.5390, the next one is 1.5460.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

The sellers need to break below 1.5300 for a steady downward movement. The way to the marks 1.5200, 1.5100 will be opened after this breakthrough.

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