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

Bears dominated at the market. The debt market shows the negative trend for the British assets. The 10-year government bond yields fell relative to their US and Germany counterparts. The Bank of England governor M.Karni’s statements that the UK low interest rates preservation can last for a long time gave the market an additional incentive to buy the dollar against the pound.

The support at the level of 1.5100 was broken through and the pair decreased to the level of 1.5040. There was an attempt to break through this barrier to consolidate below. This breakthrough was short-term and the pair returned to the mark of 1.5040.

The price is finding the support at 1.4970. The price is finding the first resistance at 1.5040, the next one is at 1.5100.

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 and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is correcting.

Trading recommendations

If the price fixates below the support 1.5040, it may continue the downward trend in the short term. The potential target is 1.4970.

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