The GBP/USD pair was trading lower during yesterday’s
session and remained under the 50-day moving average. Today the pair is seen
slightly elevated especially in the morning, when the UK retail sales data was
released and surprised with better than expected numbers. Anyway this is not
enough to support the Pound in the near future as all eyes are focused on the
upcoming Fed’s meeting and considering the rising expectations for rate hike.
RSI is currently placed withing the mid lines and
showing lack of momentum. Stochastic is indicating bearish signs and moving
downwards from the mid-lines. Both indicators are not pointing bullishness.
Testing the support at 1.2350 will hint the short-term attitudes. If crossing
this line, a slide towards the next support at 1.2090 is expected. Looking to
the upside resistances are seen at 1.2545, 1.2670 and 1.2775.
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