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The pair finished last week on a bearish note, dropping through 1.1240 support and touching the 50 period Exponential Moving Average. This type of movement will likely trigger an extended fall after a bullish correction.
After the failed attempt to reach 1.1340 resistance, the bears took over and managed to establish their control over the pair. If they manage to close a full candle below the 50 period Exponential Moving Average, we expect the pair to head into 1.1185 but a break of this level is not likely to happen today, mostly because we don’t have anything major on the economic calendar. Before the bearish movement can continue, we expect the pair to touch (and maybe pierce through) 1.1240 and to bounce lower soon after.GBP/USDFriday the sellers continued the move started earlier during the week and pushed the pair through two types of support. The short term bias is negative but an uptrend is still in place.TechnicalThe horizontal support at 1.3280 and the dynamic support represented by the 50 period Exponential Moving Average were both broken Friday and now we see a small push up, which will possibly confirm 1.3280 as resistance. If this comes true, the pair is likely to continue downwards but the extent should be limited because the Stochastic is already oversold. Today we will probably see a ranging day, without major advances to either side.FundamentalSimilar to the Euro and US Dollar, the Pound will not be affected by major economic releases, thus the technical aspect will prevail.
After the failed attempt to reach 1.1340 resistance, the bears took over and managed to establish their control over the pair. If they manage to close a full candle below the 50 period Exponential Moving Average, we expect the pair to head into 1.1185 but a break of this level is not likely to happen today, mostly because we don’t have anything major on the economic calendar. Before the bearish movement can continue, we expect the pair to touch (and maybe pierce through) 1.1240 and to bounce lower soon after.GBP/USDFriday the sellers continued the move started earlier during the week and pushed the pair through two types of support. The short term bias is negative but an uptrend is still in place.TechnicalThe horizontal support at 1.3280 and the dynamic support represented by the 50 period Exponential Moving Average were both broken Friday and now we see a small push up, which will possibly confirm 1.3280 as resistance. If this comes true, the pair is likely to continue downwards but the extent should be limited because the Stochastic is already oversold. Today we will probably see a ranging day, without major advances to either side.FundamentalSimilar to the Euro and US Dollar, the Pound will not be affected by major economic releases, thus the technical aspect will prevail.