04, August 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The pound weakened following the Services PMI which met the traders’ expectations.

Current situation

The instrument remained close to the local highs. The price traded above the level 1.3300.The current resistance is seen at 1.3500, the support exists at 1.3300.

MACD is in the positive area. MACD decreased which indicates the buyers’ positions weakening. RSI left the oversold territory.

The price traded below the 200-EMA in the 4 hours chart. The 200-EMA acts as a resistance. The 50, 100 and 200 EMAs are neutral.

Trading recommendations

The pair looks bearish and may return below 1.3300. In this scenario, sellers will push the pair down to 1.3100.