4-hour timeframe
Overview:
Recently, we have been observing flat on the pound. Another ‘buy’ signal developed. Most likely, it is false as well as weak and unconfirmed because the price is above Kijun-sen and Chinkou Span is below the price curve. As of now, it is recommended to abstain from trading as Bollinger bands are indicating flat. They show a sideways motion, the bands are not diverging and directed sideways that speaks rather for flat than for a trend. MACD is decreasing now, testifying continuation of an uncertain tendency.
Trading recommendations:
In the current situation, it is better stay out of deals as Bollinger bands are signaling about flat.
Besides the technical picture, it is important to take into account the fundamental reports and time of their release.
The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.