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GBP/USD – Upward Tred Line Broken But Support Zone Under Focus

GBP/USD – Upward Tred Line Broken But Support Zone Under Focus

The GBP/USD pair has broken its upward trend line on a 4 hour time frame. After breaking the upward trend line at 1.4405, the price has been trading below this trend line and this confirms that the trend is skewed towards the downside. Moreover, the pair is also trading below the 100 and the 50 day moving averages, which are shown in red and yellow color respectively (as shown on chart) and this is a further confirmation of the above argument. The 100 day and 50 day moving averages are at 1.4237 and 1.4310 respectively.

The RSI, which is a momentum indicator, is trading near its oversold region of 30 and the EUR/USD price is also trading in line with the RSI indicator. This reflects that the current bias is towards the down side, however, a caution may also be considered due to the extreme oversold reading of the RSI idnciator.

by Naeem Aslam

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