11, August 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

Sterling strengthened on the back of the weak dollar. Pound returned some of its losses, nevertheless, the GBP/USD remains under pressure.

Current situation

The technical picture presents a bearish tone. Pound partly reversed its losses and grew to the mark 1.3100 where it turned down. The current resistance is seen at 1.3100, the support exists at 1.2900.

MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening.
RSI is neutral.

The price broke the 50 and 100 EMAs upwards and bounced back from the 200-EMA in the 1 hour chart.

The instrument rolled back from the 50-EMA after touching it in the 4 hours chart. The 50, 100 and 200 Day EMAs are pointing lower.

Trading recommendations

The pair now seems to be heading towards its immediate support near 1.2900. After breaking the level the way towards 1.2900 will be opened.