GBPUSD remains under pressure with most indicators showing a bearish bias. On the hourly chart, the pair remains below the 50-hour and 200-hour moving averages. RSI has fallen below 50, approaching oversold territory but still slightly above 30 so not extreme yet. This could give some scope for a bounce to enter a short position.
GBPUSD has stabilized at $1.4850, which has proven to be a key support level after being retested several times since first falling to this level on Friday following the U.S. jobs data. The pair remains on the lower Bollinger Band.
To enter a short position it is preferred to wait for a bounce to the middle band, which is also at resistance level $1.4917. This could be an entry point, with a target down to support at $1.4850.
GBPUSD remains under pressure with most indicators showing a bearish bias. On the hourly chart, the pair remains below the 50-hour and 200-hour moving averages. RSI has fallen below 50, approaching oversold territory but still slightly above 30 so not extreme yet. This could give some scope for a bounce to enter a short position.
GBPUSD has stabilized at $1.4850, which has proven to be a key support level after being retested several times since first falling to this level on Friday following the U.S. jobs data. The pair remains on the lower Bollinger Band.
To enter a short position it is preferred to wait for a bounce to the middle band, which is also at resistance level $1.4917. This could be an entry point, with a target down to support at $1.4850.
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