Technical analysis of GBPUSD dated 08.04.2016

GBPUSD has been falling since the beginning of April and today because of the UK government bonds yields decline it may go lower however index in the UK rose and it may affect this pair as well. The EMA of 20 is staying below the EMA of 50. The price is moving below the weekly pivot point at 1.4266 finding support at 1.4047 with resistance at 1.4087. The support level breakthrough will lead the rate to lower levels. The price is under the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and Kijun-sen are signaling downward trend. The MACD indicator is in negative territory showing the price correction and the RSI is below the 50 level. Short positions are recommended with the 1.4000 level target.

https://fxglory.com/technical-analysis-of-gbpusd-dated-08-04-2016/