GBP/USD PRICE FORECAST: DIPS BELOW 100-DAY SMA, SELLERS TARGET 1.2900
- GBP/USD falls for the third consecutive day, trading below the 100-day SMA at 1.2962, with downside risks growing.
- Bearish RSI indicates further weakness, with key support at 1.2910-1.2920 and the 200-day SMA at 1.2799.
- A rebound could see a retest of the 1.3000 level, with next resistance at 1.3070 and the 50-day SMA at 1.3138.
The Pound Sterling extended its losses for the third straight day against the Greenback amid a scarce economic docket in the UK that will feature remarks of Bank of England (BoE) Governor Andrew Bailey. At the time of writing, the GBP/USD trades at 1.2954, down 0.22%.
GBP/USD Price Forecast: Technical outlook
The GBP/USD has fallen below the 100-day simple moving average (SMA) at 1.2962, opening the door for further downside. Sellers are gathering some steam, as depicted by the Relative Strength Index (RSI).
The RSI is bearish and extending its downtrend yet shy of turning oversold. Hence, the GBP/USD could continue to edge lower.
If GBP/USD decisively breaks 1.2950, the next support would be the bottom trendline of an ascending channel at 1.2910-1.2920, followed by the 1.2900 mark. On further weakness, the next stop would be the 200-day SMA at 1.2799.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.