analysis

GBPUSD analysis for 07.02.2018

There are no major economic reports in the US or the UK and traders are waiting for the BOE rate announcement tomorrow.
The support rests at 1.39430 with resistance at 1.40200 which both lines are below the weekly pivot point at 1.41240. The EMA of 10 is moving with bearish bias in the ascendant channel and it is below the EMA of 100 and above the EMA of 200. The RSI is moving below the 50 level, the Stochastic is moving in high ranges and the MACD indicator is in negative territory. The ADX is not showing buy signal.
GBPUSD will grow towards the upper Bollinger band targeting 1.425.

gbpusd

gbpusd

Source: fxglory