GBP/USD remains under selling pressure above the mid-1.2700s, UK Retail Sales data eyed
Given the fundamental outlook, the GBP/USD extended its losses and formed a large ‘bearish engulfing’ candle pattern, increasing the odds for further downside. The Relative Strength Index (RSI) dives further into bearish territory, while the 200-day moving average at 1.2592 is up for grabs. If sellers clear the psychological 1.2600 mark, followed by the 200-DMA, that could pave the way to test 1.2500. On the other hand, if buyers reclaim 1.2700, look for some consolidation.
The GBP/USD pair faces rejection near the 1.2700 mark and holds above the mid-1.2700s during the early Asian session on Friday. The downtick of the major pair is backed by the stronger US Dollar and the dovish tilt of the Bank of England. GBPUSD CONFIRM CHART
Given the fundamental outlook, the GBP/USD extended its losses and formed a large ‘bearish engulfing’ candle pattern, increasing the odds for further downside. The Relative Strength Index (RSI) dives further into bearish territory, while the 200-day moving average at 1.2592 is up for grabs. If sellers clear the psychological 1.2600 mark, followed by the 200-DMA, that could pave the way to test 1.2500. On the other hand, if buyers reclaim 1.2700, look for some consolidation.
The GBP/USD pair faces rejection near the 1.2700 mark and holds above the mid-1.2700s during the early Asian session on Friday. The downtick of the major pair is backed by the stronger US Dollar and the dovish tilt of the Bank of England. GBPUSD CONFIRM CHART
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