• Over the past three months or so, the pair has been oscillating between two converging trend-line and is currently placed near the lower ascending trend-line support.
• Against the backdrop of the recent decline since mid-April, the trend-lines constituted towards the formation of a bearish continuation - pennant pattern on the daily chart.
• Adding to this, yesterday's break and a subsequent acceptance below 100-day SMA adds credence to the bearish formation, increasing prospects for a further near-term downfall.
• A sustained weakness below the key 1.30 psychological mark will confirm a near-term bearish breakdown and pave the way for the resumption of the prior/well-established trend.
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GBP/USD
Overview:
Last Price: 1.303
Daily change: 12 pips
Daily change: 0.0922%
Daily Open: 1.3018
Trends:
Daily SMA20: 1.3102
Daily SMA50: 1.2999
Daily SMA100: 1.3094
Daily SMA200: 1.3482
Levels:
Daily High: 1.3132
Daily Low: 1.3016
Weekly High: 1.326
Weekly Low: 1.3028
Monthly High: 1.33
Monthly Low: 1.2786
Daily Fibonacci 38.2%: 1.3061
Daily Fibonacci 61.8%: 1.3088
Daily Pivot Point S1: 1.2978
Daily Pivot Point S2: 1.2939
Daily Pivot Point S3: 1.2862
Daily Pivot Point R1: 1.3095
Daily Pivot Point R2: 1.3172
Daily Pivot Point R3: 1.3211
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