GBPUSD analysis for 04.10.2019
The UK’s services PMI is declining and today GBPUSD will be chiefly under the influence of the US economic data.
The support rests at 1.22930 with resistance at 1.23710 which the weekly pivot point at 1.23550 is located in between the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is below the EMA 200 and the EMA of 100. The RSI is moving on 50 level and the Stochastic is showing downward momentum. The MACD line is above the signal line in the positive territory. The ADX is not showing any clear signals.
The resistance line breakout will confirm the bullish trend towards 61.8 level of Fibonacci at 1.24500.