Sasha Singh
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GBPUSD : Bearish Trend Confirmed, Testing Key Support at 1.6825

GBPUSD is falling down today in wake of downbeat U.K. manufacturing PMI data. The pair didn't even found support after the downbeat US Non-farm Payroll data. Although many investors are expecting the Bank of England to tighten monetary policy earlier than other central banks, recent series of downbeat economic release from U.K. forced investors to rethink their timelines which gave an edge to US dollar over Britain Pound.

GBPUSD : Daily Chart

GBPUSD is now confirming the bearish trend as the pair broke below the 100 day SMA on the daily chart. Currently the pair is testing support at 1.6825 breaking below this support will open the doors for the next support levels at 1.6762 and 1.6694. The 50 day SMA is now turning flat which earlier was heading upwards.

GBPUSD : 4 Hour Chart

On the 4 hour chart, the pair seems like following a falling channel trend and also tried to break below the falling support trend line. The moving averages on the chart are also signaling that the pair will continue to follow the downtrend.