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GBP/USD Technical Analysis: Sterling poised for further downside, channel points south

  • Short-term oscillators are hanging near their midpoints as GBP buying remains unconvincing.
  • The downward channel remains intact, despite temporary floor found at near-term support above 1.3200 major handle.
  • 50-hour SMA remains firmly bearish, pointed for further declines.

GBP/USD chart, 1 Hour

Spot rate:               1.3255
Relative change:   (-0.42%)

Trend:                     Bearish

Support 1:             1.3230 (intraday rejection level)
Support 2:             1.3200 (major psychological handle)
Support 3:             1.3138 (S2 Daily pivot point)

Resistance 1:       1.3280 (1-Day 61.8% Fibonacci level)
Resistance 2:       1.3300 (major psychological level)
Resistance 3:       1.3340 (last swing high)

EUR/USD tests highs near 1.1560 ahead of data

The sentiment around the shared currency remains depressed during the first half of the week, taking EUR/USD to the 1.1540/30 band, or multi-month low
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OECD’s Gurria: European Central Bank can't set policy based on daily swings in the market

The Organisation for Economic Co-operation and Development (OECD) Secretary-General Jose Angel Gurria was out on the wires last minutes, via Bloomberg
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