GBP/USD Technical Analysis: February 16, 2017
The British currency had refreshed its lows following the mixed data of employment. The jobless rate in the UK remained steady for the month of December while the measure for Claimant Count Change is lower than the said forecast. The GBPUSD further hovered in the selling pressure on the back of Yellen’s comments on Tuesday.
A short period of consolidation concluded in the early trade of EU. The sterling met a downside pressure stimulating its declivity. The price reached 1.2400 level on the back of the London session. The cable is confined under the 100 and 50-EMAs indicated in the 4-hour chart, the two further moved southbound while the 200-EMAs directed up. Resistance is seen at 1.2500, support stayed at 1.2400.
MACD indicator grew less which confirmed a sell signal. The RSI hovered in the oversold area after leaving the neutral zone. The bearish sentiment dominated the market on Wednesday. A close below the support region 1.2400 would cause the major to resume its decline towards 1.2300.
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