GBPUSD analysis for 06.12.2016

GBP is acting stronger against USD due to the UK’s upbeat Services PMI from Markit. The support rests at 1.27240 with resistance at 1.27580 which both lines are above the weekly pivot point at 1.26390. The EMA of 10 is moving with bullish bias along the ascendant channel and it is above the EMA of 100 and the EMA of 200. The RSI is moving in overbought area, the Stochastic is moving in high ranges while showing upward momentum and the MACD indicator is in positive territory. The ADX is showing buy signal. Long positions are recommended targeting 1.2800 area.

https://fxglory.com/gbpusd-analysis-for-06-12-2016/