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GBP/USD(a 4-hour chart) -Technical Analysis for 21.07.2016

21/07/2016 // 10:44:05 am

General outline

The currency pound was backed by the powerful UK employment. On one side Unemployment Rate fell, on the other side Claimant Count Change rose.

Current situation

The pair remained under pressure. The GBP/USD pair recoiled from a daily low of 1.3100, backed by a strong UK unemployment report. The instrument grew by 0.45% during the entire day. The local high is at 1.3200 now. The current resistance is seen at 1.3300, the support exists at 1.3100.

MACD is in the negative zone. The indictor rose which explicitly shows weakening position of the sellers.
RSI recovered from the oversold area which is a buy signal.

The price increased and stopped at the 50-EMA in a 4-hours chart. The 50-EMA and the 100-EMA are horizontal, the 200-EMA direction is earthwards.

 Trading recommendations

The currency pair, GBP/USD seems to find a solid support at the current level of 1.3100. If the pair breaches the level downwards, the pair will fall to the level of 1.2900. Else, we will see a upward climb to the level of 1.3300.

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