GBPUSD analysis for 11.05.2017

GBPUSD has been growing slowly since the previous high at 1.29033 creating an ascendant rectangle. The support rests at 1.28859 with resistance at 1.29540 which the weekly pivot point at 1.29290 is located in between the lines. The EMA of 10 is moving with bullish bias along the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving horizontally on the 50 level, the Stochastic is showing upward momentum and MACD indicator is in neutral territory. The ADX is not showing any clear signals. Long positions are recommended targeting 1.3030. https://fxglory.com/gbpusd-analysis-for-11-05-2017/