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GBPUSD Testing Support from 50 Day SMA

(GBPUSD : 4 Hour Chart)

 GBPUSD declined from it multi year highs after the Fed Chairwomen delivered some hawkish comments over US economy. The upbeat U.K. employment data released today also didn’t provide much support to the pair and the pair continued to decline. However the pair now seems to be supported. On the 4 hour chart, the pair is currently testing support at 50 day SMA. However the 50 day SMA seems like heading downward signaling that the pair might decline below it. The next support level the pair should find is at 1.7101 or 100 day SMA. Fundamentally the upbeat US PPI data might also pull the pair down.

(GBPUSD : Daily Chart)

However on the Daily chart, the pair seems supported as it is currently significantly above the rising support trend line. Also all the moving averages are heading above in the same direction signaling no change in the current uptrend.