VOT Research Desk
GBP/USD is trading at the intraday low of 1.2260, marking the first negative day in five heading into Tuesday’s London open.
In doing so, the Cable pair validates economic pessimism around the UK, as well as hawkish bets on the next movements of the US Federal Reserve (Fed), ahead of critical British job data and US inflation data.
For the GBP/USD bears to maintain control, a decisive fall breach of the two-week-old ascending trend line, which is currently trading around 1.2270 at the time of writing, is required.
However, unless it crosses a downward-sloping resistance line from December 5, close to 1.2315 at the latest, recovery moves remain unlikely.
|
Daily SMA20 |
1.2065 |
|
Daily SMA50 |
1.1651 |
|
Daily SMA100 |
1.1669 |
|
Daily SMA200 |
1.2117 |
