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GBP/USD (a 4-hour chart) -Technical Analysis for 20.07.2016

20/07/2016 // 10:34:06 am

General overview

Despite the positive inflation release in the country, the pound suffered a loss.

Current situation

The pound remained weak on Tuesday. Technically, the pair continued to stay in a neutral bearish note in the 4-hours chart. The current resistance is observed at 1.3300, the support lies at 1.3100.

MACD is in the negative zone. The indictor decreased which points to the growing strength of the sellers. Indicator RSI advanced towards the oversold territory which is a sell signal.

The price revived from the 100-EMA, breached the 50-EMA and advanced from it in the 4-hours chart. The 50, 100 and 200 EMAs direction is declining.

Trading recommendations

We still remain bearish on the pair. If the price strives to breach the level of 1.3100, the pound may descend to 1.2700.

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