“¢ Poor UK manufacturing/industrial production data prompts some aggressive GBP selling, dragging the pair below Friday’s swing low and a short-term ascending trend-channel.
“¢ A subsequent fall below 200-period SMA on hourly chart reinforces a short-term bearish breakdown and paves the way for a further near-term depreciating slide.
“¢ Short-term technical indicators – RSI and MACD, point to additional weakness, especially against the backdrop the recent Brexit rhetoric.
Spot Rate: 1.3354
Daily High: 1.3441
Trend: Bearish
Resistance
R1: 1.3361 (200-period SMA H1)
R2: 1.3401 (daily pivot-point)
R3: 1.3441 (daily high)
Support
S1: 1.3315 (S2 daily pivot-point)
S2: 1.3300 (round figure mark)
S3: 1.3254 (June 1 swing low)
Share
