GBPUSD has been exposed to selling pressure drove it down for trading now near 1.3380, After forming a lower high at 1.3550 below its formed peak on last Sep. 20 at 1.3656.
The cable is now trading in its third day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.3538, after forming a second top at 1.3550
However the Cable is still underpinned by continued trading above its daily SMA50, its daily SMA100 and also its daily SMA200.
GBPUSD daily RSI-14 is now referring to lower existence inside the neutral region reading 55.945.
GBPUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the neutral area at 26.409 leading to the downside its signal line which is in the same area reading 46.923.
Important levels: Daily SMA50 @ 1.3249, Daily SMA100 @ 1.3112 and Daily SMA200 @ 1.2874
S&R:
S1: 1.3378
S2: 1.3026
S3: 1.2775
R1: 1.3550
R2: 1.3656
R3: 1.4000
Have a good day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din