Last days the GBP/USD pair is bounded within tight
range is currently is settled at 1.2876. The better than expected numbers on UK
retail sales released this morning pushed the pair higher, but bulls couldn’t
fight the psychological level at 1.2900. However the downward slope is still
limited by the greenback’s weakness amid the political jitters in the United
States.
Technically speaking the pair remains under pressure. On the four-hour time
frame the price developing below its bearish 20-day SMA. Stochastic has left its
oversold area but yet is far below its mid-line and seems to be searching for
clear direction. RSI is at around 36 and has lost directional strength.
The short term outlook remains in favour of the bears with first target at 1.2840
and next at 1.2800. Looking to the upside first resistance is seen at 1.2895
and higher at 1.2930.
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