The technical analysis and trading recommendations for the GBP/USD currency pair for March 23

The uprising movement ended, having finished off the target level of 1,5353. At present, a ‘sell’ signal has been formed, which is strong enough and is targeted to 1,4342. The signal was immediately confirmed by fixating below Ishimoku, and also by fixating of the Chinkou Span below the price curve. Yesterday, the price has corrected slightly, the MACD recoil downwards can be considered as the renewal of the downfalling trend. For the moment, the target is the first support level 1,4862. If the price moves above Kijun-Sen, the ‘sell’ signal will weaken and it will be needed to reduce short-term positions. The Chinkou Span is below the price chart which demonstrates a decreasing tendency. The Bollinger Bands shows falling movement- the lines are diverging and directed to the low which signals the falling movement. The MACD is decreasing which shows the current descending motion.
Trading recommendations:
At present, it is advisable to bear with the first target 1,4862, but only after the MACD recoils downwards. The stop-loss in the situation is set up above 1,5160.
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.

4-hour timeframe

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