GBPUSD analysis for 16.01.2018

The USD weakness has led to the GBPUSD bullish chart. The crucial inflation data from the UK is the most influential event for today. The support rests at 1.37550 with resistance at 1.38140 which both lines are above the weekly pivot point at 1.36420. The EMA of 10 is moving with bullish bias in the ascendant channel but it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is showing downward momentum and MACD line is above the signal line in the positive territory. The ADX is showing weak buy signals. Long positions are recommended towards 1.3846. https://fxglory.com/gbpusd-analysis-for-16-01-2018/