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GBPUSD : Testing Resistance at 1.6761

(GBPUSD : 4 Hour Chart)

GBPUSD found resistance at 1.6761 after Markit reported that the U.K. manufacturing PMI fell down to 57 in June from a reading of 57.3 in line with the expectations. However as the report was in line with the expectation the pair didn’t show a big movement. Also Friday’s downbeat US data continues to weigh on US Dollar. If looking at the moving averages the 50 day and 100 day SMAs are moving parallel in the downward direction showing that the investors are in agreement with each other and the pair will continue to follow the downtrend.

(GBPUSD : Daily Chart)

Lets have a broader outlook on the pair by looking at the daily chart, on which the pair seems like consolidating between the key support at 1.6704 and the falling resistance trend line. According to the current trend the pair should continue to decline and break the above mentioned key support.