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Technical Analysis Report - GBP/USD

02/08/2016 // 04:59:17 am

General outline:

On Monday, the pound fell on the back of the negative Manufacturing PMI in the country.


Present scenario:

The technical analysis of GBP/USD displays a humble bullish mood. The GBP/USD pair strived to achieve the level of 1.3200 level. However, the negative UK Markets; manufacturing PMI put the pressure back on the pound which retreated from the daily highs. The pair is currently trading around 1.3200. The current resistance is observed at 1.3300, the support stands at 1.3100.

MACD is in the positive territory. A rise in the histogram displays the growing strength of the buyers. RSI remains neutral and as a result, indicators do not generate a firm signal.

The price is getting a steady backing from the 100-EMA in the 4-hours chart. The 50, 100 and 200 EMAs are neutral.  
 

Trading commendations:

The mood of the market remains neutral. We expect neutral trades within its usual range.

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