Chart Of The Day: Sustained trading below 50-bar SMA portrays GBPUSD weakness

Tue, 29 Oct 2019 12:27

Not only a lower high formation since last Monday's pullback, but the pair's sustained trading below 50-bar SMA also portrays the GBPUSD's underlying weakness. However, sellers await a clear break below the recent low of 1.2790 in order to aim recall sellers targeting 1.2700. Additionally, pair's extended downpour past-1.2700 could shift bear's attention to 61.8% Fibonacci retracement near 1.2510.

If at all buyers manage to dominate beyond 50-bar SMA level of 1.2880, 1.3000 gains their attention. For skeptics, the recent high near 1.3015 will become the trigger to challenge May month around 1.3180. It's worth mentioning that 14-bar RSI seesaws in the normal region and hence prices are likely to continue the range.

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