Technical Analysis – GBPUSD slips further again below 1.3900
- Melina Deltas
GBPUSD is posting losses again after a bullish day and is still remaining beneath the 1.3900 handle. The 20- and 40-day simple moving averages (SMAs) are moving lower, approaching a possible bearish cross. The RSI is ticking down in the negative territory, while the MACD is extending its negative movement beneath its trigger and zero lines.
If the pair continues to move south, it would send the market until the 1.3670 barrier ahead of the 200-day SMA, which currently stands at 1.3600. Steeper declines could open the way for the 23.6% Fibonacci retracement level of the up leg from 1.1405 to 1.4235 at 1.3577 before moving towards 1.3435.
Alternatively, a jump higher could take the bulls to the 1.4000 psychological level and then until the 35-month peak of 1.4238. Slightly above this line, the January 2018 at 1.4345 could halt the bullish actions.In conclusion, GBPUSD shifted the bullish view to bearish in the short- and long-term outlook and a drop beneath the 200-day SMA could further endorse this view.
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