GBP/USD- Downward Momentum Slowing
AvaTrade | Apr 11, 2016 06:20AM ET
The GBP/USD pair is trading below its downward trend line on a 4 hour time frame. This confirms that the trend is towards the downside and as long as we are trading below this trend line, the bais may remain skewed towards the downside.
The price is also trading below the 50 and 100 day moving averages (shown in yellow and red color respectively). The reading for the 50 day is 1.4198 and for the 100 day is 1.4266. Seeing that the price is below these averages, this confirms that bears are in strong control of the price action.
The RSI is trading at 48.66 and it is also trading in line with the price action which confirms that the downward momentum may be fading soon.
by Naeem Aslam
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