The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
GBP/USD could gather demand soon
GBP/USD has been riding a bearish sequence in the short-term, according to our H1 chart projection. Currently, the pair is finding dynamic support in the 200 SMA, which also coincides with the demand zone established between the 1.3039 and 1.2970 levels across the board. If the pair does a rebound over there, we can expect further strength towards the -23.6% Fibonacci level around 1.3374.
RSI indicator is still at the negative territory, favoring for more declines in coming hours.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.