GBP/USD: slight bearish bias short-term
Forex4you | Apr 07, 2014 09:45AM ET
GBP/USD is in a short-term down-trend within a medium-term up-trend. On the 4-hour chart there is also weakness, with a pattern of lower lows and lower highs. It's probable, therefore, that the pair will continue lower. The exchange rate has pierced beneath the 50-day MA and although it has recovered it has not been able to break back above, and could renew its down-trend from the current resistance level. The next target down is at the S1 monthly pivot, situated at 1.6489. A re-break of the trough lows at 1.6550 would provide the necessary confirmation of such a continuation down.
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