The gradual decline in GBPUSD from last month’s peak extended yesterday although net losses were minor. Prices continue to consolidate beneath the key 13 day moving average and rallies have been sold.
These negative factors have been challenged by strong Asian gains this morning but with the Keltner channel still angling lower our signals remain bearish for sterling with an early move under 1.6201 looked for as confirmation. This then exposes sentiment to 1.6185 and 1.6162.
