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GBPUSD : Will it Rebound or Continue to Extend Losses?

GBPUSD extending losses as demand for dollar remain supported by the expectation that the Fed might increase the interest rates earlier than scheduled because of the series of upbeat US economic releases this week and investors expecting upbeat release this week. A separate report showed that the net lending in U.K. to individuals rose by 2.5 billion pound last month missing the economist's expectation for an increase by 2.6 billion pound.

GBPUSD : 4 Hour Chart

On the 4 hour chart , the pair broke below the key support at 1.6959. The 50 day SMA also crossed below the 200 day confirming the bearish movement.  Now 100 day SMA is contracting towards the 200 day SMA to cross below it. If it does we might see some deep losses.

GBPUSD : Daily Chart

However on the daily chart, the pair still seems supported as the rising support trend line might push the pair up.However if the pair continues to decline below this support trend line, it will confirm the bearish trend on the pair. If not the pair will again rebound the uptrend.