GBPUSD moves back into mark-down phase

Russell Shor, CFTe, MFTA FXCM

The GBPUSD’s green 5-day EMA has crossed back below its orange 13-day EMA (blue ellipse). This has effectively moved cable into a mark-down phase which is defined by a bearish EMA formation. I.e. the green 5-day EMA is below the orange 13-day EMA, and the orange 13-day EMA is below the black 34-day EMA. Moreover, the RSI(9) is below 50 and indicative of an underlying bearish momentum (blue rectangle).

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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