GBPUSD is chiefly under the influence of UK’s Manufacturing PMI and Mark Carney’s comments. The support rests at 1.22100 with resistance at 1.23140 which both lines are below the weekly pivot point at 1.21820. The EMA of 10 is moving with bullish bias and it is located below the EMA of 100. The RSI is moving in overbought area, the Stochastic is showing upward momentum and the MACD indicator is in neutral territory. The ADX is showing stronger buy opportunity rather than sell. Long positions are recommended targeting 1.2300.
GBPUSD analysis for 02.11.2016
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