The UK election put pressure on GBPUSD and still this pair is acting weak.
The support rests at 1.26440 with resistance at 1.26880 which both lines are below the weekly pivot point at 1.27830. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving horizontally in oversold area, the Stochastic is showing upward momentum and MACD indicator is in negative territory. The ADX is showing sell signals.
Despite the pair’s attempt to create a bullish candle, GBPUSD will continue its downward trend targeting 1.25.

gbpusd analysis