T Analysis

GBPUSD analysis for 22.05.2020

The GfK consumer confidence declined while UK’s Markit manufacturing PMI increased.
The support rests at 1.21710 with resistance at 1.22580 which the weekly pivot point at 1.22150 is located in between the lines. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards oversold area, the Stochastic is showing downward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
GBPUSD is falling down towards 1.21450.

Source: fxglory