Fort Financial Services - Analytics

    Fort Financial Services

    552.50 6.50/10
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    GBP/USD (a 4-hour chart)

    GBP/USD (a 4-hour chart)

    General overview

    The UK National Statistics Office reported about the retail sales reduction last Friday. Despite the negative release the British pound was in demand that might be a sign of strong buyers presence.

    The oil market stabilization will be well received by investors. The Brent quotes rose by 10% last two trading days. As you know the Pound and the oil quotes are closely connected. We may expect the pound growth attempts.

    The price is finding the first support at 1.4240, the next one is at 1.4160. The price is finding the first resistance at 1.4320, the next one is at 1.4400.

    There is a confirmed and a strong sell signal. The price is below the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen is horizontal. The downward movement will be until the price is below the Cloud.

    The MACD indicator is in a positive territory. The price is in a flat.

    Trading recommendations

    In the scenario where the buyers are involved the potential growth targets are two levels of resistance: 1.4350, 1.4470. In the event that the sellers manage to force below 1.4080 the downward movement will be continued to the 40th figure.

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