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GBPUSD : The Pair Now Seems Bearish

GBPUSD : Daily Chart

GBPUSD continue to extend losses after the U.K. data showed that the house price inflation rose .1% this month missing the economist’s expectation for an increase of .6%. Currently the pair is testing support from 100 day SMA. It finally declined below the rising support trend line. Let’s see if it is able to hold gains or remain supported by the 100 day SMA or not. Next support if the pair continues to decline is at 1.6762. However the decline below the 100 day SMA will signal that the pair will continue to follow the bearish trend.

GBPUSD : 4 Hour Chart

If looking at the 4 hour chart, the 100 day SMA is just about to cross below the 200 day SMA signaling a further downfall. Also the pair now seems to be trading within a falling channel. So any break out above the resistance trend line will signal the reversal of downtrend to uptrend however any break down below the falling support trend line will signal a continuation of downtrend.