GBPUSD for today is affected by Nationwide Housing Prices in the UK and the GDP report for April in the US. The support line is at 1.46120 with resistance at 1.46720 which both of them are above the weekly pivot point at 1.43270 showing the price growth in the last week. Moreover the EMA of 10 is above the EMA of 50 endorsing this growth. All indicators are showing buy signals as the price is above the Ichimokou Cloud and the Chinkou Span. The Tenkan-sen is showing horizontal movement and the Kijun-sen is showing an upward trend. The MACD indicator is in positive territory along with RSI above the 50 level both signaling a good opportunity for buyers. Besides, the ADX is indicating stronger buyers than sellers. The resistance level breakout will push the price in higher ranges. Buyers need to wait for the resistance level break out otherwise the pair may fall and bears may take the control of the chart.
Technical analysis of GBPUSD dated 29.04.2016
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