Today, we’re taking GBPUSD technical chart on H4 time frame with our favorite indicators – Ichimoku, Doda-Donchian and Doda-Bollinger Band.
This currency pair is in uptrend from the last many trading sessions. Went on some correction wave from 20-June-2014 to 25-June-2014 and took support near kumo and now, it has started its uptrend again.
Although Doda-Donchian gave “BUY” signal @1.6994, we are waiting for Doda-Bollinger band indicator to give “BUY” signal to confirm.
Once it close above 1.7039, it will start fresh uptrend. (At the time of writing this article, GBPUSD is trading at 1.7038).
The main point is that as long as it is trading above 1.7006, it is a buy call. Do not take any short call above this level.
After starting fresh uptrend, it will face resistance at following points: