GBPUSD analysis for 27.05.2016

GBPUSD is chiefly under the influence of UK’s economic reports such as UK’s gross domestic product estimation and Britain’s GfK consumer confidence index. Once again GBPUSD is creating a zigzag pattern leaving ups and downs in a row. At the moment the support rests at 1.46310 with resistance at 1.47060 which both lines are above the weekly pivot point at 1.4485. The EMA of 10 is located above the EMA of 75. After yesterday’s high at 1.47371 this pair has been moving with bearish bias and may continue its downward trend within Andrews’ pitchfork. The Stochastic is not showing any clear signal for traders however it is not in high ranges. The support level breakthrough will smooth the way for further decline to 1.4480.

https://fxglory.com/gbpusd-analysis-for-27-05-2016/