Sasha Singh
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Is GBPUSD showing a down trend?

(GBPUSD : Hourly Chart)

On the hourly chart, GBPUSD seems like following a downtrend and might continue to decline for a while. Today there is no key data coming out in U.K. so the investors might be waiting for US Consumer Sentiment data. The pair is declining below the support it was experiencing previously at 1.7081. Next support the pair may find is at 1.7067 or from the falling support trend line. The falling channel trend and the descending triangle trend both are giving a bearish trend. Also the 50 day SMA just crossed below the 100 day SMA after crossing below the 200 day SMA few hours back signaling a confirmation of downtrend.

(GBPUSD : 4 Hour chart)

However the hourly chart doesn’t tell about the long term so we can look at the bigger time frame for the long term trend. On the 4 hour chart also, the 50 day SMA is contracting towards the 100 day SMA which might pull the pair down. 

(GBPUSD : Daily Chart)

But on the daily chart we can see that all the moving averages are heading upward in the same direction and a rising support trend line which might prevent the pair to fall below it. The pair might decline until it find support from the support trend line.