GBP/USD: British Pound Downtrend Intact Vs. US Dollar
Titan FX | Oct 17, 2017 10:09PM ET
Key Highlights
· The British Pound recovered well from 1.3030, but faced strong offers near 1.3300 against the US Dollar.
· A key bearish trend line with current resistance at 1.3260 on the 4-hours chart of GBP/USD is acting as a barrier.
GBP/USD Technical Analysis
The British Pound corrected sharply from the 1.3030 level against the US Dollar. However, the GBP/USD pair is struggling to settle above 1.3300 and remains at a risk of more declines.
The pair recently failed to break the 100 simple moving average near 1.3330 (4-hour, red) and started a downside move. It also failed near a key bearish trend line with current resistance at 1.3260 on the 4-hours chart.
Therefore, there are chances of further losses in GBP/USD as long as the pair is below the 1.3300 resistance.
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