GBP has lost its power due to the UK government bonds yield and UK retail sales has fallen by 1.3%. GBPUSD has been creating a zigzag pattern leaving similar highs and similar lows. The support rests at 1.43230 with resistance at 1.43670 which both are above the weekly pivot point at 1.41830. The EMA of 10 is above the EMA of 50 showing the price growth over the last recent days. The MACD indicator is in positive territory getting close to the neutral zone and the RSI is moving around the 50 level. Moreover the ADX is not showing any clear signal of strong sellers or buyers. Traders can wait for a better chart setup to open their positions however, the resistance level breakout can be a good sign for buyers.
Technical analysis of GBPUSD dated 22.04.2016
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