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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