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Technical Analysis Report - GBP/USD

28/07/2016 // 05:59:32 am

General Outline:

On Wednesday in spite of positive GDP for the 2nd quarter, the pound declined. However, the British currency got a moderate support at the American session on the back of the news from the USA.

 

Present Scenario:

For most of the day, the pound stayed almost unchanged. The currency pair remained at the support level of 1.3100, swinging throughout the course of the day.  The current resistance is observed at 1.3300, the support remains at 1.3100.

MACD lies in the negative zone. If the histogram remains in the negative area, that will point out to the strength of the seller. If MACD returns into the positive area, the buyers will have the ball. RSI is neutral.

A bearish cross-over in the 1-hour chart is formed by the downward trends of the 50, 100 and 200 Day EMAs. The instrument breached the 50, 100 and 200 Day EMAs and moved upwards in the 1-hour chart.

 

Trading Commendations:

The present trend is squarely bearish. The pair is facing the threat of falling below the level of 1.3100. Else, the GBP/USD will rise up towards the level of 1.3300.

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