FX.co ★ GBP/USD technical analysis and trading recommendations for September 13

4-hour timeframe

Overview:
Recently, we have been watching flat on the pound. Another purchase signal developed. Most likely, it is false as well as weak and unconfirmed because the price is placed above Kijun-sen and Chinkou Span is above the price curve. Now, it is recommended to abstain from trading as Bollinger bands are signaling about flat. They are indicating a sideways motion, the bands are not diverging and directed sideways that speaks rather for flat than for a trend. MACD is increasing now, testifying to continuation of an uncertain tendency.
Trading recommendations:
In the existing 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.