GBP/USD trades just under flat after spending much of the session higher. Cable is in a clear downtrend and the 55 Exponential Moving Average was a decent resistance. GBP/USD 1-hour chart GBP/USD is in a pretty clear downtrend on the hourly chart below. There has been a succession of lower highs and lower lows in recent sessions. As the risk-sentiment turned higher GBP/USD moved up with the major indices. Looking closer at the chart below, cable spent much of the day higher. Just recently the price bounced off the blue 55 Exponential Moving Average and moved toward the wave low. If the black support line just under 1.24 does break then there is a good chance that the trend could continue. The next support will then be the red line just under 1.2350. Looking at the indicators, the MACD histogram turned green but the signal lines are still under the zero level. The histogram is now looking like it might also turn red and this could be the signal for the short trade. The Relative Strength Index has produced a little bullish divergence showing that the downside momentum was wearing thin. If this trend is to continue then the break of 1.2389 is key. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI oil appreciates to levels near $39 following upbeat US data FX Street 2 years GBP/USD trades just under flat after spending much of the session higher. Cable is in a clear downtrend and the 55 Exponential Moving Average was a decent resistance. GBP/USD 1-hour chart GBP/USD is in a pretty clear downtrend on the hourly chart below. There has been a succession of lower highs and lower lows in recent sessions. As the risk-sentiment turned higher GBP/USD moved up with the major indices. Looking closer at the chart below, cable spent much of the day higher. Just recently the price bounced off the blue 55 Exponential Moving Average and moved toward the wave low.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
