GBP/USD Forex Technical Analysis for June 10, 2016
Technical Analysis – The GBP/USD pair fell during the day on Thursday, as we broke down below the 1.45 handle. That is a negative sign, and as a result I believe that the market is going to continue to drop, perhaps reaching down to the 1.4350 level. Buying really isn’t a thought at the moment, but I do recognize that there is a significant amount of headline risk coming out of the United Kingdom due to the boat on exiting the European Union. In other words, this is a market that is going to be very difficult to navigate.
In Other view point – GBP/USD BEARISH
The primary trend of GBP/USD is bearish on charts and price is trading below its support trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining below 100day SMA that are appears on the above indicating downtrend of the pair. Resistance level of 1.4600 and Support level of 1.4400 If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair. INDICATORS:- MACD is sustaining in its negative territory indicating the bearish trend in the pair. RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair. STRATEGY: GBP/USD is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.