Bears are still in power
There are no major economic reports in the UK therefore GBPUSD will be under the influence of global macroeconomic events. On the chart, the price is descending within a channel. The channel has not been broken to either sides yet and the overall look of the chart is still bearish.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.25510 with resistance at 1.26040 which both lines are below the weekly pivot point at 1.26430. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA 200 and the EMA of 100. The RSI is moving in oversold area and the Stochastic is moving in low ranges. The MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
It seems that GBPUSD will continue its bearish move within Andrews’ Pitchfork targeting 1.25000.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.