4H
General situation:
On April 24 the GBP/USD pair rate continued the ascending movement enabling the continuation of the upward movement of the trend towards the first resistance level 1.6239. The correction has not begun yet. The current signal for Buy-deals is confirmed and strong as the Chinkou Span is fixed above the price chart and the price has overcome the Ichimoku Cloud. At the moment the target for ascending movement is seen at the first resistance level 1.6239. If the upward movement continues, the point 1.6356 will be considered as the next target. The uprising movement remains the same as long as the price is located above the Kijun-Sen line (1.6020). It is recommended to place the Stop Loss below this line while bullish trade. In case the rate goes lower than this line, this will probably indicate that the elaboration of the signal for Buy-deals. Chinkou Span is located above the price chart confirming the current signal for Buy-deals and indicating the bearish mood on the GBP/USD market. Billinger Bands points at the ascending movement, lines are expanding and directed upwards, that is the reason why it is recommended to consider long positions. MACD is directed downwards indicating the current corrective movement though yesterday the rate did not significantly decline, so the indicator’s descent (the indicator’s reversal to downwards) is irrelevant. The Stochastic can be used instead.
Trading recommendations:
At the moment on the GBP/USD market it is recommended to consider long positions with target seen at the 1.6239 level. In case the first target has been overcome, the new target for bullish trade – the level 1.6356 will be available. Stop Loss is to be placed below 1.6020 and as this line goes higher, the level for Stop Loss can be replaced. When the Stochastic leaves the overbuy zone, it is better to reduce manually the positions. With 50-60 pips of profit for long positions, Stop Loss is to be placed to the non-loss area. Take Profits should be placed a bit lower than the target levels, i.e. at 1.6230 and 1.6345 levels.
Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.
Explanations to the picture:
Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.
Analyst of the Year contest
The material has been provided by Instaforex Company - instaforex.com
General situation:
On April 24 the GBP/USD pair rate continued the ascending movement enabling the continuation of the upward movement of the trend towards the first resistance level 1.6239. The correction has not begun yet. The current signal for Buy-deals is confirmed and strong as the Chinkou Span is fixed above the price chart and the price has overcome the Ichimoku Cloud. At the moment the target for ascending movement is seen at the first resistance level 1.6239. If the upward movement continues, the point 1.6356 will be considered as the next target. The uprising movement remains the same as long as the price is located above the Kijun-Sen line (1.6020). It is recommended to place the Stop Loss below this line while bullish trade. In case the rate goes lower than this line, this will probably indicate that the elaboration of the signal for Buy-deals. Chinkou Span is located above the price chart confirming the current signal for Buy-deals and indicating the bearish mood on the GBP/USD market. Billinger Bands points at the ascending movement, lines are expanding and directed upwards, that is the reason why it is recommended to consider long positions. MACD is directed downwards indicating the current corrective movement though yesterday the rate did not significantly decline, so the indicator’s descent (the indicator’s reversal to downwards) is irrelevant. The Stochastic can be used instead.
Trading recommendations:
At the moment on the GBP/USD market it is recommended to consider long positions with target seen at the 1.6239 level. In case the first target has been overcome, the new target for bullish trade – the level 1.6356 will be available. Stop Loss is to be placed below 1.6020 and as this line goes higher, the level for Stop Loss can be replaced. When the Stochastic leaves the overbuy zone, it is better to reduce manually the positions. With 50-60 pips of profit for long positions, Stop Loss is to be placed to the non-loss area. Take Profits should be placed a bit lower than the target levels, i.e. at 1.6230 and 1.6345 levels.
Apart from the technical picture it is necessary to consider the fundamental data and the time of its release.
Explanations to the picture:
Ichimoku Indicator:
Tenkan-Sen – red line
Kijun-Sen – blue line
Senkou Span A – light brown dotted line
Senkou Span B – light blue dotted line
Chinkou Span – green line
Senkou Span B – violet dotted line
Bollinger Bands:
3 yellow lines
MACD Indicator:
Red line and the histogram with white bars in the indicators window.
Analyst of the Year contest
The material has been provided by Instaforex Company - instaforex.com
