GBP/USD resumes its movement towards the level of 1.4685

March 17, 2015

GBP/USD, H4
Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, they are both turning downwards once again. Chinkou Span line is below the price chart; current Kumo-cloud is descending. After another correction the pair resumes its movement towards the level of 1.4685. The closest resistance level is Tenkan-sen line (1.4800).


GBP/USD, D1
On the daily chart Tenkan-sen line is also below Kijun-sen, however, the  blue line is horizontal, while the red one is directed downwards.. Chinkou Span line is below the price chart, current cloud is descending. The closest resistance level is Tenkan-sen line (1.4977). One of the previous minimums of Chinkou Span line is expected to be a support level at 1.4640.

Key levels
Support levels: 1.4685, 1.4640.
Resistance levels: 1.4800, 1.4977.

Trading tips
On the both charts Bearish trend is still strong. Targets for the short positions are 1.4685 and 1.4640.

Anastasiya Glushkova
Analyst at LiteForex Investments Limited

Publication source
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