GBPUSD analysis for 30.05.2016

GBPUSD is under the influence of the UK Consumer Confidence Index and the 10-year government bonds yield which decreased. This pair is moving in neutral zone and by breaking the resistance line it will move in bullish bias and on the other hand the support level breakthrough will push the pair to lower ranges. The support lies at 1.45840 with resistance at 1.46460 which both lines are above the monthly pivot point at 1.4426. The RSI is located in the neutral zone, the ADX is showing stronger sellers than buyers and the Stochastic is not showing any momentum. While indicators are not showing any clear signal, the price may continue climbing up the ascendant channel or fall down within Andrews’ pitchfork. The EMA of 10 is above the EMA of 75 confirming the recent price growth. Traders can wait for a better chart setup to decide on their position however the price might have further decline to 1.4560.

https://fxglory.com/gbpusd-analysis-for-30-05-2016/