The charts are indicating a bearish situation for GBP/USD. It seems a downtrend has already started. We assume more room for downside. Today traders are eyeing Retail sales data. Prices broke a 6-month trend line on daily closing basis and trading below 21 DEMA which adds more fuel to bears.
In the daily charts, oscillators gave a sell signal in all modes. RSI and Stochastic both are in selling zone. Support comes at the level of 1.6220 December's low. Resistance is at the level of 1.6437.
For detail explanation and best discovery on market trends you may visit via Technical analysis of the pair GBP/USD for 17.01 . Thanks for your support on Technical analysis of the pair GBP/USD for 17.01
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