GBPUSD analysis for 05.07.2016

Things are getting back to normal after the UK referendum shock. GBPUSD is now under the influence of economic reports such as Construction sector activity which declined in June. The pair is moving with bearish bias within the descendant channel and today it created bearish candles as well. The support rests at 1.32080 with resistance at 1.32830 which both lines are below the monthly pivot point at 1.38150. The EMA of 10 is falling along with the EMA of 75. The RSI is falling down to the oversold area, the MACD indicator is in negative territory and the Stochastic is showing downward momentum. This market is not going to be volatile and it will keep fluctuating in the same range therefore it would be better not to trade on this pair for now. The support level breakthrough will smooth the way for further decline targeting 1.2900.

https://fxglory.com/gbpusd-analysis-for-05-07-2016/