Technical Analysis of GBP/USD 07/02/2018

GBP/USD currency pair continues to move within the downward channel on the 4H timeframe. At this point one should expect an attempt to test the resistance area near the level of 1.3210, from where one should expect a rebound and continuation of falling with a target below 1.3050.

In favor of the pair fall will be a resistance line test on the RSI indicator. Cancellation of the pair fall will be a strong growth and a breakdown of the resistance area with the closing of quotes above the level of 1.3250, indicating that the pair continues to grow above 1.33.

Among the important news from the UK which may have an impact on GBP/USD rate, it is worth highlighting: the PMI Index for the construction sector.

GBPUSD_STPH4

Created by Joshua Hayn

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