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GBP/USD is extending its bearish momentum towards 1.3800 this Wednesday. The pair eyes deeper losses amid renewed Brexit concerns, a broadly firmer US dollar and mixed senitment. US CPI is awaited.
The GBP/USD pair is poised to extend its decline, accelerating towards south in the near-term. The 4-hour chart shows that it has broken below all of its moving averages, with the 20 SMA gaining bearish momentum above the longer ones. Technical indicators head lower within negative levels, with the RSI approaching oversold territory. Further declines are likely, although the next directional movement will depend on how speculative interest reads US inflation data.
Support levels: 1.3790 1.3755 1.3710
Resistance levels: 1.3830 1.3880 1.3920
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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