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 sterling fell against the dollar. Earlier the pound received some support after the Bank of England quarterly bulletin publication where the regulator paid much attention to China. The Central Bank believes that the UK economy was exposed to only a minor risk by slowing growth in China. The China GDP falling by 1% shall take from the British economy 0.1%. Although the Bank acknowledged that it expected a further China's GDP slowdown.

    The price is finding the first support at 1.4320, the next one is at 1.4240. The price is finding the first resistance at 1.4400, the next one is at 1.4480.

    There is a confirmed and a strong buy signal. The price is above the Ichimoku 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 indicator is in a positive territory. The price is correcting.

    Trading recommendations

    The pair can grow above the resistance level of 1.4400. After breaking 1.4400 the buyers may go to 1.4480.

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