GBP has lost its strength against USD and the issue of Brexit is getting more serious. Yesterday GBPUSD tried to rise but it could not exceed 1.4325 and today it started its bearish movement falling down the descendant channel. The support lies at 1.4153 with resistance at 1.42290 which both lines are below the weekly pivot point at 1.4365. The EMA of 10 and 75 are both moving with bearish bias however the EMA of 10 looks sharper than EMA of 75. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan sen is showing downward movement while the Kijun sen is showing horizontal movement. The MACD indicator is in negative territory, the RSI is moving in oversold area and the Stochastic is suggesting price decline as well. The support level breakthrough will push the price to lower levels targeting 1.4150 and then it will be time for bulls to take the control of the chart.
GBPUSD analysis for 14.06.2016
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