Home Forex Analysis And Forecasts GBP/USD Forecast: bearish towards 1.4565, April low

GBP/USD Forecast: bearish towards 1.4565, April low

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The Pound consolidated against the greenback within the lows set this Monday, hardly able to advance beyond the 1.4720 region. The GBP/USD pair, however, managed to bounce intraday from near the weekly low set at 1.4662, the immediate support.

With data pending from both economies, none of which expected to change the dominant bearish trend, the pair maintains a strong bearish tone, as per trading at fresh 8-month lows, with the 20 SMA heading south around 1.4760, and the technical indicators maintaining their bearish slopes within negative territory.

Further declines below 1.4660 should trigger short term stops, and lead to a short term bearish movement towards 1.4620, although the real target comes then at 1.4565, April 2015 low. Above 1.4730, the pair can rally up to 1.4780, where selling interest is expected to contain further rallies.

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