Despite the fact that Services PMI for May did not influence GBP, it grew due to the US negative Nonfarm Payrolls. GBPUSD has been moving with sudden changes with different directions and it makes it difficult to predict the next moves. The support lies at 1.43700 with resistance at 1.45400 which both lines are below the weekly pivot point at 1.45400. The EMA of 10 fell below the EMA of 75 and is moving below it. All indicators are showing price decline; the MACD indicator is in negative territory, the RSI is in below the 50 area and the Stochastic is showing downward momentum. Following the Brexit issue can be a great help for traders at this moment. Short positions are recommended with the target at 1.4278.
GBPUSD analysis for 06.06.2016
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