Fort Financial Services - Analytics

    Fort Financial Services

    545.50 6.00/10
    100% of positive reviews
    Real

    GBP/USD (a 4-hour chart)

    GBP/USD (a 4-hour chart)

    General overview

    The United Kingdom published the inflation report for January: Consumer price index came in at 0.8% m/m and 0.3% y/y. Producer Price Index was published as well. The index showed -0.7% m/m and -1.0% y/y.

    The oil market kept showing decrease which played into the bears’ hand.

    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 under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement forming a “Dead Cross”. The downward movement will be until the price is under the Cloud.

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

    Trading recommendations

    We expect the 1.4240 line break that will open the way for the sellers to 1.4160.


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