Yesterday GBP lost its strength against USD and today UK’s Nationwide house price index for July will be released.
The support rests at 1.21350 with resistance at 1.21800 which both lines are below the weekly pivot point at 1.24270. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA 200 and the EMA of 100. The RSI is moving in oversold area and the Stochastic is moving in middle ranges. The MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
Further price decline is probable targeting the lower Bollinger band at 1.20500.