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Forex News from New Forex: Technical analysis of GBP/USD

After the announcement of the Bank of England Governor Mark Carney about the intention to cut down the interest rate within the quantitative easing program the pound sterling retains its downtrend, yesterday’s trading session closed with a bearish candlestick.

On Friday GBP/USD trades with a descending potential standing within the support level at 1.3114 and resistance at 1.3406.

Exponential moving averages keep declining, the MACD-histogram remains below its central line, the price consolidated below Ichimoku Kinko Hyo which indicates the further market downtrend.

NewForex Analyst

Michael Butnitsky

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