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GBPUSD : Testing Key Support at 1.6959

GBPUSD : Daily Chart

GBPUSD currently trading near the key support at 1.6959 after declining from the resistance at 1.7165 on the 4 hour chart. Although U.K. economic growth data that is GDP report released today which came in line with the economist’s expectations but it didn’t had any effect on the pair. Seems like yesterday’s jobless claims data continue to weigh on US dollar.

The pair still seems supported as it is still above the key support and 50 day SMA. If it breaks down below this key support it might again find support from the rising support trend line on the daily chart. Any decline below the 50 day SMA and 100 day SMA might bring some bearish trend in picture.

GBPUSD : 4 Hour Chart

On the 4 hour chart, if we look at the moving averages, both 50 day and 100 day SMAs are contracting towards the 200 day SMA signaling that the pair might continue to follow the downtrend. So the pair might break the support at 1.6959 and decline further.