FX.co ★ Technical analysis and trading recommendations for GBP/USD for June 18

4-hour timeframe

Overview:
The ‘buy’ signal with the target level of 1.4842 is going on and it has reached its target. However, there are no signs of reversal for now. Therefore, we can make a conclusion that the uprising movement keeps on. But yesterday the price came down to Kijun-sen line that meant a slight easing, but having rebounded from this line the price went up again. Therefore, in the closest time it is recommended to consider the purchases. The signal is strong and confirmed as the price has fixed above Ishimoku and Chinkou Span – above the price curve. Therefore, now bullish trading with intermediate target at 1.4960 is recommended. In case of the price fixing below Kijun-sen, the closing of long positions is advisable. Chinkou Span is placed above the price curve, indicating bullish sentiment. Bollinger bands are diverging and up-directed that testifies to upward motion continuation. MACD is moving up signaling about current ascendant trend.
Trading recommendations:
In this situation, it is advisable to bull with target at 1.4960. Stop loss to place below 1.4755. Close positions manual after MACD down-reversal.
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.