GBP/USD resumes its movement towards the level of 1.4685

March 17, 2015

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).

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
LiteForex information  LiteForex reviews

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