GBP/USD technical analysis: Jostles amid bearish technical indicators and rising trendline
|- GBP/USD pullback from multi-month high amid downbeat signals from RSI, MACD.
- The four-day-old rising trend-line, 50-bar SMA question immediate declines.
With the short-term rising trend-line and Simple Moving Average (SMA) confronting bearish oscillators, GBP/USD takes the rounds to 1.2850 ahead of the London open on Friday.
Not only overbought conditions of the 14-bar Relative Strength Index (RSI) but a bearish sign from 12-bar Moving Average Convergence and Divergence (MACD) also favors sellers.
However, a downside break of 1.2805 becomes necessary for bears to target September high nearing 1.2583 and 50-bar Simple Moving Average (SMA) level of 1.2553.
In the absence of a downturn below immediate supports, prices can keep 1.3000 on the radar whereas May’s top of 1.3178 could become the next landmark for buyers.
GBP/USD 4-hour chart
Trend: sideways
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.