Forex Flash: GBP convergence portends choppy price action – RBS (Barcelona) - According to William Moore, a Technical Markets Strategist at RBS, “The moving average in the GBP/USD has recently converged and suddenly the 5-day broke away with price action yesterday; the equivalent Fibonacci important level in the GBP/USD chart similar to that of the EUR chart is at 1.5951, that is a the 38.2% retracement from the August – September rally.”

“As such, price action is choppy, though with an engrained bearish theme. We reiterate our targeting for the 1.5600 level overall.” writes Moore.