Sasha Singh
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GBPUSD : No Sign of Bearishness

(GBPUSD : 4 Hour Chart)

GBPUSD declined after reaching multi year highs and currently testing the support at 1.7100 on the 4 hour chart. The pair was earlier experiencing support from the rising support trend line from which it broke down but there is no sign of bearish continuation as the pair is currently testing the support at 1.7100 and might rise from this level. If the pair continue to decline the nearest support it will find is at 1.7064. 100 day SMA might also provide some support to the pair.

(GBPUSD : Daily Chart)

However if looking at daily chart, the pair still seems to be following a rising channel pattern and the moving averages are moving in same upward direction signalling a continuation of uptrend.

The investors sell off the pair after the release of Halifax HPI Index which fell by .6% in June after increasing 4% in the month of May. Economists were expecting a decrease of .3% Now investors will be waiting for the tone of Fed in the meeting minutes releasing today at 2:00 PM EDT.Dovish tone will push the pair again to multi year highs..