GBPUSD analysis for 31.01.2017

There have been no important economic reports to influence GBPUSD today however, on Wednesday; Bank of England will influence this pair. The support rests at 1.24870 with resistance at 1.25350 which the weekly pivot point at 1.25060 is located in between the lines. 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 showing upward momentum and the MACD indicator is in neutral territory. The ADX is showing sell signals. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend. We stay bearish on this chart targeting 1.2400. https://fxglory.com/gbpusd-analysis-for-31-01-2017/