06, June 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The published Services PMI for May in the UK did not effect the pound. Still the pair grew after the weak Nonfarm Payrolls in the USA.

Current situation

The pair grew from the support of 1.4400. The pair broke the resistance 1.4480. The buyers could test the mark of 1.4560. Still the growing impulse faded out and the pair returned below the level. The resistance is at the level of 1.4560, the support is at 1.4480.

MACD is in a negative area. The histogram is above the signal line. The indicator MACD is giving a buy signal. RSI approached the overbought level of 70.

Trading recommendations

We believe the pair will remain in the flat.