The GBP/USD is trading in a minor support zone on a 60 minute time frame. The pair has briefly broken its downward trend line but it is trading once again below its downward trend line as it was the 50 day moving average which trigged the selling pressure. The 50 day moving average is shown by the yellow line and the 100 day is shown by the red line. The pair is trading below both these averages and this confirms that the bears are in control of the price.
The MACD indicator is showing a clear sign of divergence in relation to the price action which means that while the price is making the lower low, the MACD indicator is confirming that the downward momentum is slowing down.
Important Zones
Resistance Zone
1.4981-1.4958 Major
1.4845-1.4817 Minor
Support Zone
1.4584-1.4562 Minor
1.4256-1.4220 Major
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.