GBP/USD overview for August 17, 2015

August 17, 2015

General overview

At the end of the day the US and the UK 10 years government bond yields reached the maximum level the last trading week which is a "bearish" factor for the British currency.

The Commodity Futures Trading Commission last week report will show the total “pure” position dramatic decrease for the pound sales.

A little before reaching the resistance level of 1.5670, the pound upward trend was reversed for the short-term correction. After a short-term consolidation the pair grew again.

The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.

The MACD histogram is in a positive territory. The price is growing.

Trading recommendations

The buyers need to break above 1.5670 for a steady growth. The way to the mark 1.5775 will be opened after this breakthrough.

Publication source
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