GBP is being supported by the UK’s Services PMI. The support rests at 1.24530 with resistance at 1.24850 which both lines are above the weekly pivot point at 1.21820. The EMA of 10 is moving with bullish bias and it has crossed the EMA of 100 and now it is rising towards the EMA of 200. The RSI is moving in overbought area, the Stochastic is in its maximum rate and the MACD indicator is in positive territory. The ADX is showing stronger buy opportunity rather than sell. Long positions are recommended targeting 1.2500.
GBPUSD analysis for 04.11.2016
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