GBP/USD Technical Analysis: April 3, 2017
The renewed figures of British Gross Domestic Product saddened the investors as it presented lower than expected results. The report stalled the current recovery which pushed the spot downwards.
The Cable started the day with a bullish tone. Traders successfully lead the price near the resistance level 1.2500 where the spot met new offers. The GBP/USD stirred away from the barrier in the mid-session of Asian hours and sustained a downward sentiment amid European trades.
The price moved close the mark 1.2450 in the middle part of the day in which the sterling lost its selling impetus.
The 4-hour chart pointed out the 50-EMA being tested by the major. Meanwhile, the 50 and 100-EMAs preserved its bullish pattern, alongside the 200-EMA to appear neutral.
Resistance touched 1.2500, support entered 1.2400.
The MACD histogram increased indicating weak seller’s position. The RSI maintained its position within the neutral grounds.
The major is seen struggling with an aim to build towards the recovery gains. A break over the region 1.2500, the next focus would probably the 1.2600 mark.
Andrea ForexMart, Official Representative