GBP/USD: 1.40 on the cards this week – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet, offered a technical breakdown of GBP/USD.

Key Quotes:

“Currently correcting, the 4 hours chart shows that selling interest surged once again around a strongly bearish 20 SMA, now at 1.4290, while the technical indicators are bouncing from oversold levels, but still well below their mid-lines, suggesting the ongoing recovery is barely corrective.

Former lows around 1.4250 are now an intermediate resistance in the case of further recoveries, while a break below the mentioned low support a decline down to the 1.4000 level for the upcoming sessions.”
For more information, read our latest forex news. …read more

Source:: FX Street