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2/29/2016 2:50:31 AM

GBPUSD skids farther - Technical Analysis - 29-02-2016



GBPUSD kept sliding in the short term and intraday levels, with complete dominance of the main downward trend in the medium and short terms, while trading within a descending price channel that limited its previous short-term movements as shown in the attached chart, with ongoing negative pressure from the SMA50, doubling thereafter the negative pressures on the pair's next movements.

Therefore we expect more losses to come for the pair, targeting the important support of 1.3715.


Target
Risk


Support
Resistance


Trend Bearish

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