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GBP/USD (a 4-hour chart) -Technical Analysis for 19.07.2016

19/07/2016 // 10:24:02 am

General outline:
The pound rose to the session high after anannouncementfrom Martin Weale’s, a BoE representative. According to him, there is no haste in reducing the interest rate in the month of August.

Current situation:

Predominantly, there is no change in the outlook of GBP/USD's, the decline is still in progress. The pair strived to bounce back and regain some of its previous week losses. But, the growing impulse dwindled at around 1.3300. The current resistance is observed at 1.3300, the support lies at 1.3100.

MACD continued to stay neutral yesterday. If the histogram penetrates the negative territory, it will point out to the growing strength of the seller. Indicator RSI is in the neutral area.

The instrument exists between the 100 and the 50 EMAs. The direction of 200-EMA is descending and the 50-EMA and the 100-EMA are horizontal.

Trading recommendations:

We continue to remain bearish on the outlook for the instrument. If the price breach the level of 1.3100 the pound may decline to 1.2700.

 

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