Technical analysis of GBPUSD dated 17.05.2016

GBPUSD is under the influence of Empire State Manufacturing Index in the US and Housing Price index for May in the UK. GBPUSD is staying neutral for the moment moving in neutral area. It is finding support at 1.43690 with resistance at 1.44290 and the weekly pivot point is located in between at 1.4383. Considering the short term pattern the pair is rallying upward while considering the long term pattern it is falling down the descendant channel. The EMA of 10 is staying below the EMA of 50 showing the price movement in lower ranges for the past 10 days. The indicators are not suggesting any strong ideas; the MACD indicator is in negative zone, the RSI is in neutral area and the stochastic is showing upward momentum. Due to opposing signals by indicators it would be better for traders to give this chart a rest and wait for a better chart setup.

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