GBPUSD analysis for 11.08.2017

GBP has been supported by the UK strong manufacturing production data but it is not enough to create the correction pattern. The support rests at 1.29610 with resistance at 1.30130 which both lines are below the weekly pivot point at 1.31080. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards the oversold area, the Stochastic is showing downward momentum and MACD indicator is in negative territory. The ADX is not showing any clear signals. Short positions are recommended targeting 1.2897. https://fxglory.com/gbpusd-analysis-for-11-08-2017/