Pound Sterling Price News and Forecast: GBP/USD main level is the previous distribution point of control
|GBP/USD: Selling pressure on Cable has stabilised
Overhead resistance is a key barrier this morning. Initially the trendlines, with a confluence resistance of a two week downtrend and the underside of the old six month uptrend coming in around 1.2900/1.2930. Just overhead sits the key medium term overhead supply starting around 1.2980.
GBP/USD has sold off slightly as MP's grill Johnson
The indicators have been bullish of late. The Relative Strength Index is above the 50 area and moving away from overbought level. While the MACD histogram was green but now there looks like there could be a bearish turn but we need to see what new developments come from the Fed.
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