GBP/USD- More Downward Pressure
AvaTrade | Mar 08, 2013 05:21AM ET
The GBPUSD pair is still trading in a downward trend, but it is trading near its minor support level mentioned below. There is a descending triangle formed on a 60 minute time frame, and historically speaking they do break in the direction of the trend. If this pattern does play out, it will push the price action towards its major support zone as mentioned below.
The RSI is not showing any clear sign of deflection so it is not very clear if the bias is towards the downside or towards the upside.
Important Zone
1.4694-1.4635
1.4934-1.4870
1.5268-1.5323
1.5558-1.5514
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