T Analysis

GBPUSD analysis for 20.05.2020

Today GBPUSD will be massively under the influence of the reports from the UK.
The support rests at 1.22360 with resistance at 1.22900 which both lines are above the weekly pivot point at 1.22150. The EMA of 10 is moving with bullish bias in the ascendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards 50 level, the Stochastic is showing downward momentum and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
The support level breakthrough will push the price down towards 1.21220; otherwise GBPUSD will form its correction pattern by targeting 61.8 level of Fibonacci at 1.24300.

gbpusd
Source: fxglory