Technical analysis of GBPUSD dated 13.04.2016

GBPUSD is under the influence of Bank of England Governor speech who was concerned about the wage growth and the inflation along with the consumer price index which increased by 0.5% y/y. The GBPUSD pattern looks like a rebound from 1.38344 moving up and down creating lower highs and almost similar lows. The price is finding support at 1.42500 with resistance at 1.42780 which are both above the weekly pivot point at 1.4161. The RSI is above the 50 level but it is moving downwards and the stochastic is showing price fall. The EMA of 10 is above the EMA of 50 but it might go below the EMA 50 again. The support level breakthrough will smooth the way for further decline for 1.4004. Short positions are recommended with the target of 1.4160

https://fxglory.com/technical-analysis-of-gbpusd-dated-13-04-2016/