GBP/USD remains above 21-day EMA. A three-week-old falling trend line depicts lower highs. Bearish MACD also increases the odds of the pair’s decline. Not only lower highs since late-October but a bearish candlestick formation also portrays the GBP/USD pair’s weakness as it takes rounds to 1.2855 during the early Asian session on Wednesday. The pair formed a Doji candle on the daily (D1) chart for Tuesday, which followed an upswing on Monday. As a result, overall weakness in sentiment, as portrayed by the bearish 12-bar Moving Average Convergence and Divergence (MACD) and lower highs setup, can reverse the recent U-turn from 21-day Exponential Moving Average (EMA) level of 1.2804. In doing so, 23.6% Fibonacci retracement of September-October upside, at 1.2766, can be the nearby support ahead of October 11 high of 1.2707 and September month top surrounding 1.2583. However, pair’s run-up beyond 1.2940 resistance line will negate the bearish formation and can propel the quote again towards 1.3000 and the previous month high near 1.3015. During the quote’s additional rise past-1.3015, may month high around 1.3180 will be the key to watch for the bulls. GBP/USD daily chart Trend: Pullback expected 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 Fed’s Kashkari: Feeling a little bit better about the US economy than he had a few months ago FX Street 3 years GBP/USD remains above 21-day EMA. A three-week-old falling trend line depicts lower highs. Bearish MACD also increases the odds of the pair's decline. Not only lower highs since late-October but a bearish candlestick formation also portrays the GBP/USD pair's weakness as it takes rounds to 1.2855 during the early Asian session on Wednesday. The pair formed a Doji candle on the daily (D1) chart for Tuesday, which followed an upswing on Monday. As a result, overall weakness in sentiment, as portrayed by the bearish 12-bar Moving Average Convergence and Divergence (MACD) and lower highs setup, can reverse the recent U-turn… 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.
