01, June 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The pound resumed its decline. In general, the dollar remained strong against the pound after Janet Yellen’s speech last Friday. The market expects new drivers for a further movement.

Current situation

The pair declined on Tuesday. After a false breakout of 1.4670 the pair fell to 1.4480. The resistance is at the level of 1.4560, the support is at 1.4480.

MACD is in a negative zone below the signal line. The indicator continued its decline showing a sell signal. The RSI signal line is close to the oversold zone.

Trading recommendations

The potential decrease targets are two levels of support: 1.4480 and 1.4400.