The GBP/USD extended its decline a few pips down to 1.6927, with the UK calendar still empty and mostly drove by dollar demand. Early attempts of recovery found sellers in the 1.6950 price zone, immediate short term resistance now. The destiny of the pair is now in hands of US upcoming data, with ADP and GDP readings in a couple hours.
Technically, the pair presents a clear bearish tone as per the 4 hours chart showing 20 SMA extending lower and momentum heading south below its midline, with 1.6920 as immediate support: a price acceleration below the level should lead to a quick slide towards 1.6870/80 price zone, with stronger support at 1.6845, June 6th daily high. Above 1.6950 on the other hand, the pair can extend its advance up to critical 1.7000 figure, with a break above this last jeopardizing current bearish tone.
View Live Chart for GBP/USD
Technically, the pair presents a clear bearish tone as per the 4 hours chart showing 20 SMA extending lower and momentum heading south below its midline, with 1.6920 as immediate support: a price acceleration below the level should lead to a quick slide towards 1.6870/80 price zone, with stronger support at 1.6845, June 6th daily high. Above 1.6950 on the other hand, the pair can extend its advance up to critical 1.7000 figure, with a break above this last jeopardizing current bearish tone.
View Live Chart for GBP/USD
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