Fort Financial Services - Analytics

    Fort Financial Services

    551.50 6.50/10
    100% of positive reviews

    GBP/USD (a 4-hour chart)

    GBP/USD (a 4-hour chart)

    General overview

    Yesterday the pound was trading nearly two-month low against the dollar. The inflation in May remained at the same level, while the concerns about the Brexit pressured the pound.

    Current situation

    Technically, the main trend is down on the daily chart. The pair continued its decrease and broke the level 1.4240. The decrease was stopped by the resistance 1.4150. The pair spent the last part of the day near that level. The resistance is at 1.4240, the support come in at 1.4150.

    MACD is in the negative area. The indicator decreased, that is a sell signal. RSI is in the oversold zone. We consider that as a buy signal. The pair is below Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages are directed downwards. That is a sell signal.

    Trading recommendations

    The quotes are near the year low and we do not think the pair will break it easily. The support 1.4060 limits the decrease of the pair. If this level can hold we will see a bounce off to the level 1.4400. An downtrend will start as soon as the pair drops below this support level.

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree