GBP/USD is currently trading at 1.3064, representing a 0.30 percent drop on the day. The currency pair clocked a high and low of 1.3114 and 1.3026, respectively, earlier today.
Despite the negative action, the outlook remains neutral as 200-day moving average (MA) support, currently at 1.3008 is intact.
That long-term average line has repeatedly restricted downside in the last ten days or so. In fact, the pair created a doji candle at that crucial support on Friday, signaling indecision in the market place and posted a positive follow-through with a move to 1.3150 yesterday.
The pair, therefore, risks rising to 1.32 this week and a convincing break below the 200-day MA line of 1.3008 is needed to revive the bearish view put forward by the lower high of 1.3269 created on March 27.
Daily chart
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Trend: Bearish
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