UK’s RICS house price balance climbed and today US Import and export Prices will be released.
The support rests at 1.26530 with resistance at 1.27180 which the weekly pivot point at 1.27040 is located in between the lines. The EMA of 10 is moving with bearish bias in the ascendant channel and it is below the EMA 200 and above the EMA of 100. The RSI is falling towards oversold area and the Stochastic is moving in low ranges. The MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
The resistance level breakout will confirm the correction pattern and buyers can target 38.2 level of Fibonacci at 1.27900; otherwise, GBPUSD will continue its long term bearish trend towards 1.25900.