Fort Financial Services - Analytics

    Fort Financial Services

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    GBP/USD (a 4-hour chart)

    GBP/USD (a 4-hour chart)

    General overview

    The pound resumed its decline. In general, the dollar remained strong against the pound after Janet Yellen’s speech last Friday. The market expects new drivers for a further movement.

    Current situation

    The pair declined on Tuesday. After a false breakout of 1.4670 the pair fell to 1.4480. The resistance is at the level of 1.4560, the support is at 1.4480.

    MACD is in a negative zone below the signal line. The indicator continued its decline showing a sell signal. The RSI signal line is close to the oversold zone.

    Trading recommendations

    The potential decrease targets are two levels of support: 1.4480 and 1.4400.

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