GBP/USD slides under the pressure of a negative pattern. - Technical Analysis. - 08-01-2016
GBP/USD gave up ground in the short term and intraday levels trading, under the negative pressure of the simple moving average for the last 50 days period, which led the pair to break through the support of a negative technical pattern that is complimentary to the main downward trend in the long term, which is the Symmetrical Triangle pattern as shown in the attache chart, doubling the negative pressures on the next trading. The pair eventually bounced higher in today's morning after relative power indicators reached extremely oversold levels, so the pair is trying to vent off that oversold saturation and recoup some of the losses.
Therefore we expect the pair to decline farther in the short term and intraday levels trading, targeting the crucial support of 0.6910, as long as the other crucial resistance of 0.7129 holds on.