AvaTrade - Analytics

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GBP/USD- Selling pressure continues

GBP/USD is trading below its downward trend line on a 4 hour time frame. This confirms that the trend is towards the downside. However, the moving averages are mainly used o determine the direction of the trend and they also confirm the strength of the current trend. The price is trading below the 50 and the 100 day moving average (shown in red and yellow respectively) and this confirms that the bears are in full control of the price.

The MACD and the RSI indicators are trading in line with the price action which means that the current trend may continue for a while.

GBPUSD 08-06-2015

Important Zones

Support

1.5131-1.5087 minor

1.4958-1.4905 major

Resistance

1.5505-1.5465 minor

1.5695-1.5647 major

 



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