Thursday 5 October 2017

GBP/USD Close to the key support at 1.1300

Political uncertainties in UK, boosted US data and ECB’s meeting minutes dragged the GBP/USD pair its lowest level for over a month. The pair surpassed the September low and is currently trading at 1.3122 and continues to fall deeper as the time of writing. According to the four hour time frame it seems that the bearish momentum is accelerating whit next target at 1.3100 level. The 200-day SMA is about to cross to above the bearish 20-day SMA. Indicators are located within negative territory with stochastic at its bottom, while RSI is currently at 17, but has lost directional strength. The price is now developing below its moving averages and in case the pair break below 1.3100, the bears would be poised to extend their march towards 1.3075.


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