GBP is being supported due to the Brexit issue. The support rests at 1.23890 with resistance at 1.25030 which the weekly pivot point at 1.24150 is located in between the lines. The EMA of 10 is moving with bearish bias and it is located below the EMA of 200 and above the EMA of 100. The RSI is falling towards the 50 level, the Stochastic is showing downward momentum and the MACD indicator is in positive territory. The ADX is not showing any clear signal at the moment. Short positions are recommended targeting 1.2350.
GBPUSD analysis for 07.11.2016
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