21, July 2016

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The strong UK employment supported the pound. Unemployment Rate fell, at the same time Claimant Count Change grew.

Current situation

Technically, the pair remained under pressure. The GBP/USD pair bounced form a daily low of 1.3100, supported by a strong UK unemployment report. The instrument grew by 0.45% during the course of the day. The local high is at 1.3200 now. The current resistance is seen at 1.3300, the support exists at 1.3100.

MACD is in the negative area. The indictor grew which indicates sellers’ positions weakening.
RSI bounced from the oversold territory which is a buy signal.

The price grew and stopped at the 50-EMA in the 4 hours chart. The 50-EMA and the 100-EMA are horizontal, the 200-EMA direction is downwards.

Trading recommendations

The pair looks to find a solid support at the current level 1.3100. If the pair breaks the level downwards, the decrease will be continued to 1.2900. Otherwise, we will see a growth towards 1.3300.