The descending channel is still valid
There are no important economic reports in Britain today therefore GBPUSD will be under the influence of global macroeconomic events. On the chart, the price line has had a big descend through a high slope bearish channel. The channel is still valid and has not been broken to either sides yet.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.27740 with resistance at 1.28030 which both lines are below the weekly pivot point at 1.30480. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA 100 and the EMA of 200. The RSI is moving in oversold area and the Stochastic is moving in low ranges. The MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
The bearish pressure may continue towards 1.27500
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.