GBPUSD analysis for 05.07.2017

The FOMC is releasing today along with the Services PMI data from the UK. The support rests at 1.29050 with resistance at 1.29570 which the weekly pivot point at 1.29200 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 horizontally on the 50 level, the Stochastic is moving in low ranges and MACD indicator is in neutral territory. The ADX is showing weak sell signals. 1.290 level seems to be a strong supportive area therefore long positions are recommended targeting 1.3050. https://fxglory.com/gbpusd-analysis-for-05-07-2017/