The GBP/USD currency pair on the hourly time frame has been following a downtrend recently. The price registered the lowest level of period under study at 1.28975 on 14 May. The price action in the GBP/USD is mainly driven by the weakness in the Pound Sterling. Brexit uncertainty played a major role in recent price movement.
The hourly chart of the GBP/USD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.30470. Bulls must break this level in order to regain bullish sentiment in the market.
The hourly chart of the GBP/USD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.30470. Bulls must break this level in order to regain bullish sentiment in the market.