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After the rejection of resistance at 1.4385 levels bearish trend is back in business.
Amid monetary policy season from both Fed and BoE, the pair has been dropping below crucial supports at 1.4343 and 1.4152 levels with ease.
In between this bearish journey, it has slid below 7 & 21DMAs.
Leading oscillators have been converging to these slumps,
RSI: Currently, RSI (14) trending below 43 levels converging to the price dips from last three days, intensified selling momentum signals downward targets.
Stochastic: Bears are trying to take over the rallies again as the slow stochastic noises with extreme selling pressures as %D line crosses over %K above overbought levels (current %D line flashes at 57.9187).
On a broader perspective, even though an attempt of bounce were restrained by bears when the price nears at 7EMA (see monthly chart, highs of 1.4436 have collapsed vigorously). While MACD signals long term downtrend continuation.
Hence, we would foresee GBP on weaker side ahead of tomorrow's policy decision by BoE followed by today's Fed's decision, US CPI & building permits, and UK's annual budget release.
As a result of technical and fundamental events we see pair likely to head towards 1.4070 or below levels in near terms and retest of 7 year lows (1.3835) again in medium terms.
Trade tips: One touch binary puts derve speculative objectives for intraday horizon, while stay short in near month futures for 80-100 pips targets with strict stop loss at 1.4152 levels.
