Despite the GBPUSD attempt to turn into bullish, it continued its downward trend. The support rests at 1.23550 with resistance at 1.23910 which both lines are below the weekly pivot point at 1.24780. The EMA of 10 is moving with bearish bias and it is below the EMA of 100 and the EMA of 200. The RSI is moving in oversold area, the Stochastic is showing upward momentum and the MACD indicator is in negative territory. The ADX is showing a weak sell signals. The support level breakthrough will smooth the way for further decline targeting 1.2200.
GBPUSD analysis for 21.12.2016
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