Yesterday GBPUSD movement was determined by the fundamental reports. UK released data on GDP, industrial production, and trade balance, while the US released its data on inflation. Today there are no major reports in the UK.
The support rests at 1.37260 with resistance at 1.38160. The weekly pivot point at 1.37640 is located in between the lines. The EMA of 10 is moving with bullish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The Stochastic is moving in middle ranges, the RSI is rising above level 50 and the ADX is not showing any clear signals. The MACD indicator is in positive territory.
The resistance level breakout will smooth the way for further growth towards 1.38500; otherwise the bearish trend will resume towards 1.37000.
