GBPUSD analysis for 16.01.2017

Producer Price Index supported the USD. The support rests at 1.19880 with resistance at 1.20690 which both lines are below the weekly pivot point at 1.21820. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 100 and the EMA of 200. The RSI is moving in oversold area, the Stochastic is moving in low ranges showing downward momentum and the MACD indicator is in negative territory. The ADX is showing a weak sell signal. The price is below the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend. Sellers can target 1.200 area at this moment.


https://fxglory.com/gbpusd-analysis-for-16-01-2017/