Last
week the GBP/USD was seen uptrending and marked a monthly high at 1.3030. But start
of the new week shifted the mood and the pair dropped to 1.2930. The Pound is
hardly influenced by the bad macro figures as the Markit manufacturing PMI for
June showed less than expected data. Beside this the expectations for BOE’s
upcoming rate hike are decreasing, but it will become more clear this Tuesday
when inflation report is due along with the construction PMI for June.
Technically speaking the four-hour time frame is showing some bearishness. The
price has crossed to below the 20-day SMA, while the 200-day SMA is staying flat
and is acting as dynamic support.RSI has sharply turned to south and stochastic
is located within extreme oversold territory and is displaying strong bearish
momentum.
Having in mind that last week the bulls coundn’t again conquer the psychological
1.30 mark, the short-term the sentiment remains bearish.
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