GBPUSD analysis for 06.02.2017

GBP is under pressure due to the Services PMI and the strong USD. The support rests at 1.24720 with resistance at 1.25020 which both lines are below the weekly pivot point at 1.25320. The EMA of 10 is moving with bearish bias along the descendant channel but it is above the EMA of 200 and the EMA of 100. The RSI is moving below the 50 level, the Stochastic is moving horizontally in neutral area and the MACD indicator is in negative territory. The ADX is showing buy signals. The pair is falling down within Andrew’s pitchfork targeting 1.2400. https://fxglory.com/gbpusd-analysis-for-06-02-2017/