GBPUSD analysis for 04.10.2016

As the positive Manufacturing PMI was released, GBP lost its power. The support rests at 1.27370 with resistance at 1.28660 which both lines are below the weekly pivot point at 1.29820. The EMA of 10 is moving with bearish bias along the descendant channel and it is located below the EMA of 100. The RSI is moving in oversold area, the Stochastic is located on its lowest rate and the MACD indicator is in negative territory. Further decline is to come targeting 1.270 area.


https://fxglory.com/gbpusd-analysis-for-04-10-2016/