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GBPUSD : Still Within Consolidation,Long Term Trend Seems Bearish

GBPUSD : Daily Chart

GBPUSD still trading within the consolidation triangle and currently seems to be testing the key support at 1.6286. Although the pair may break out or break down from the resistance or support trend line respectively, the bias is towards the downside as the 50 day SMA has crossed below the 200 day SMA signaling a bearish trend continuation. However even if the pair breaks above the falling resistance trend line, the bearish trend weighs until it rises above the resistance at 1.6465.

GBPUSD : 4 Hour Chart

On the 4 hour chart, the pair started following a rising channel trend which it tried to break out once but found resistance at 1.6523 and from the 200 day SMA. Currently seems like the 100 day SMA is acting as support for the pair. The 50 day SMA is contracting towards the 100 day SMA signaling that the pair will continue to follow uptrend.If it rises above the current resistance at 1.6350, it might again try to rise above the  rising resistance trend line.

Demand for US dollar will continue to weigh on the pair as investors are expecting Fed to start increasing interest rates as planned or sooner.