The GBP/USD pair managed to gain some positive traction on the last trading day of the week to snap four consecutive days of losing streak. Nonetheless, from a technical perspective, bearish pressure is not gone in the opinion of FXStreet’s Haresh Menghani. Key quotes “The pair’s inability to capitalize on the recovery move and failure to find acceptance above 100-day SMA suggest that the near-term bearish pressure might still be far from being over.” “Any subsequent move back above the 1.30 mark is likely to confront some heavy supply and remain capped near 50-day SMA, around the 1.3045-50 supply zone.” “On the flip side, 1.2900 round figure mark now seems to act as immediate support, which if broken might force the pair to head back towards testing YTD lows, around mid-1.2800s. Some follow-through selling might now pave the way for an extension of the recent downfall towards testing sub-1.2800 levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY fills the weekly bearish gap, holds steady near mid-111.00s FX Street 2 years The GBP/USD pair managed to gain some positive traction on the last trading day of the week to snap four consecutive days of losing streak. Nonetheless, from a technical perspective, bearish pressure is not gone in the opinion of FXStreet’s Haresh Menghani. Key quotes “The pair's inability to capitalize on the recovery move and failure to find acceptance above 100-day SMA suggest that the near-term bearish pressure might still be far from being over.” “Any subsequent move back above the 1.30 mark is likely to confront some heavy supply and remain capped near 50-day SMA, around the 1.3045-50 supply zone.”… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
