Despite yesterday’s bullish candles, GBPUSD started today with bearish bias. The support rests at 1.30570 with resistance at 1.31210 which both lines are below the monthly pivot point at 1.31530. The EMA of 10 is moving with bearish bias along the descendant channel as well and it is close to the EMA of 100. The RSI is moving below the 50 level, the Stochastic is showing downward momentum and the MACD indicator is in negative territory showing the price decline. The pair will continue its downward trend targeting 1.2794.
GBPUSD analysis for 30.08.2016
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