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GBP/USD trades bearishly into Asia - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, chief analyst at FXStreet explained the conditions of the GBP/USD leading into the Asian session.

Key Quotes:

“Having posted a daily high of 1.6182, the GBP/USD finally pulled back below the daily ascendant trend line coming from 1.7190, leaving a bitter taste on bull’s mouth”.

“The slow but steady slide over American hours, sees the pair entering Asian ones with a bearish short term tone, as per current candle opening below its 20 SMA and indicators about to cross their midlines to the downside with a strong bearish slope”.

“In the 4 hours chart indicators also turned lower but remain well above their midlines, while 20 SMA now offers immediate intraday support at 1.6090”.

“Furthermore in this last time frame, 200 EMA capped the upside around mentioned daily high quite significant in the longer run, as further declines will point for a return of the bearish trend”.

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