15, September 2016

GBP/USD (a 4-hour chart)

General overview

The market was inactive on Wednesday, digesting the latest labour market data. Traders stands still ahead of the BoE's meeting on Thursday.

Current situation

The pound made an attempt to regain the level 1.3200. The pair stopped its recovery slightly above 1.3200 in the European session. The sterling got under pressure during the North American hours. Sellers returned the price below 1.3200. The price traded lower the 200-EMA in the 4 hours chart. The 100 and 200 EMAs are neutral, the 50-EMA is pointing lower. The current resistance is seen at 1.3200, the support exists at 1.3100.

MACD remained in the negative area. RSI is within the negative territory.

Trading recommendations

The pound is under pressure that suggests its further weakness. Sellers' nearest target remained the support level 1.3200. The second sellers' target is the level 1.3100.