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The pair rode higher in a steep channel (thick black lines on the chart), and the RSI already flirted with 70, the entry point to overbought territory. This kiss of the RSI marked the turning point. The pair tumbled down and fell below the uptrend support line. The RSI is now close to balanced around 50, but upside Momentum is still significant. Support is found at the round level of $1.4000 that capped the pair in the middle of March for several days. The figure is backed up by the 50-day Simple Moving Average that awaits around $1.3990. Further below, $1.3935 capped the pair on March 6th and $1.3885 was the low point on March 8th. Looking up, the February 26th high of $1.4070 remains a battle line. It is followed by the February 16th peak of $1.4150 and the late March double-top at $1.4245 towers above. What's next for the GBP/USD? The Pound may come under renewed pressure as the sugar rush of the Brexit deal fades away, and the economy is going nowhere fast. In the US, the upbeat growth could tip markets to price in a fourth rate hike in 2018, supporting the greenback. All in all, the path of least resistance is to the downside.source fx-street
