The UK is releasing the inflation data in the form of CPI which will cause a volatile market for GBPUSD. The US is also publishing Retail sales data.
The support rests at 1.29330 with resistance at 1.29690 which both lines are below the weekly pivot point at 1.30010. 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 falling towards the oversold area, the Stochastic is showing downward momentum and MACD indicator is in negative territory. The ADX is showing sell signals.
Short positions are recommended targeting 1.29.

gbpusd analysis