Technical Analysis – GBPUSD strengthens bearish outlook after break below 1.29
Posted on August 16, 2016 at 5:12 am GMTGBPUSD broke below a major support level of 1.2900 on Monday and had a daily close below it for the first time since July 7. This level will now act as immediate resistance. A move back above 1.2900 would extend the short term consolidation pattern (since early July). Downside pressure still remains as the RSI is trending down and is in bearish territory below 50. There is scope to retest the 31-year low of 1.2794 that was hit on July [..]