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Technical Analysis Report - GBP/USD

26/09/2016 // 08:14:57 am

General outline:

On Friday, The dollar gained market strength against the pound but the hold was limited as the Fed’s decision to leave rates unchanged keeps weighing on the dollar.

Present Scenario:

The price breached the level 1.3000 on its way downwards. The 50, 100 and 200 EMAs accelerated their declines. All moving averages kept heading lower. The current resistance is seen at 1.3000, the support exists at 1.2900. 

MACD is in the negative territory. RSI approached the oversold area.

Trading commendations     

All eyes are right now at the mark 1.2950. A cut through here will turn attention to the 1.2900 level. On the other side, buyers will try to break the mark 1.3050. If they succeed the price will trend towards 1.3100.

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