GBPUSD Technical Analysis for July 08, 2013

The GBPUSD is in a strong bearish trend and is very likely, that falls continue in the medium and long term.

The GBPUSD is forming a higher low pattern, having fallen over 400 pips last week. The cable is below the 200 day moving average and this strengthens the current trend bearish GBPUSD. The economic news has not helped much to the British economy, due to the change of control that occurred in the BoE. Now, if the GBPUSD manages to break the support at the 1.4841 level is expected to fall to the level of 1.4750. On the other hand, if this pair makes a bullish rebound at current levels, would be expected to rise to the level of 1.5008. If the pair manages to break this resistance, the higher low pattern would negate and possibly the GBPUSD begins a new bullish trend in the long term.

The MACD indicator remains in negative territory, but is showing signs of extreme oversold levels.

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