The GBP/USD pair remains confined to a 30 pips range this Tuesday, still stuck around the 1.4900 level and overall bearish as the pair hasn't been able to recover ever since posting an eight month low of 1.4863 last week. UK Public sector net borrowing excluding public sector banks decreased by £6.6 billion to £66.9 billion in the current financial year-to-date and compared with the same period in 2014, but excluding public sector banks increased by £1.3 billion to £14.2 billion in November 2015 compared with November 2014.
Ahead of the US final revision of the Q3 GDP, the 4 hours chart shows that the 20 SMA has extended its decline, and is now around 1.4905, with the price being so far unable to advance above it. In the same chart, the Momentum indicator continues heading south below its 100 level, while the RSI indicator goes nowhere around 39, all of which maintains the risk towards the downside.
Below 1.4885, the pair can do a quick test of the 1.4863 mentioned low, but it will take a clear break below this last to confirm a downward continuation towards the 1.4810/20 region. An advance above 1.4920 can see the pair rallying up to 1.4950, but it will take some further gains above this last to see a more constructive scenario towards 1.5050.
View the live chart of the GBP/USD
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