The UK currency fell against the US dollar, helped by concerns about the forthcoming referendum on membership of the United Kingdom to the EU. As shown by a survey conducted by Timex / YouGov, 43 percent of respondents favored retaining membership in the EU, and 42 percent - for the way out of it.
The current situation
in the GBP / USD pair is dominated by bearish sentiment. As a result of the rapid decline of quotations were punched levels of 1.4400, 1.4320 and 1.4240, then the price pulled back up. The pair completed in 1.4253 trading week. And resistance at 1.4320 the pair stands, support is 1.4240.
MACD Histogram in the negative zone, the signal line in the histogram. The indicator decreased that gives a signal to sell. RSI Oscillator is in the overbought zone. Price broke through the moving averages (50, 100, 200) on the 4-hour time frame, which is also considered to be a signal to sell. The price is close to the strong support level of 1.4150, which is well seen on the daily chart.
Forecast GBP / USD GBP / USD today
GBP / USD pair is oversold and prices may bounce up to 1.4400, the movement will be corrective. If we see the price below 1.4320, we will be selling to 1.4550.
Source Fort Financial Services