GBPUSD resumed its slide today to 1.3010, after breaking its formed supporting level on last Oct. 17 at 1.3026 which could hold previously on last Jun. 28 by bouncing up from 1.3049.
The pair is now in a deeper place below its daily SMA50 which drove the pair to form a lower high at 1.3362 when it meet this average on this Jul. 9.
while the pair is still undermined over longer range by continued existence below its daily SMA100 and its daily SMA200.
It is as I have informed you on last Jun.21, when I told you that this existence can keep the pair well exposed to forming another lower high.
GBPUSD is trading now in its fourth consecutive day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.3340.
GBPUSD daily RSI-14 is now referring to lower existence inside the neutral area to be in a closer place to its oversold region below 30 reading 32.713.
GBPUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside the neutral area at 26.545 leading to the downside its signal line which is higher in the same region reading 37.306, after negative crossover inside of it.
Important levels: Daily SMA50 @ 1.3301, Daily SMA100 @ 1.3628 and Daily SMA200 @ 1.3583
Experienced S&R:
S1: 1.2775
S2: 1.2588
S3: 1.2365
R1: 1.3362
R2: 1.3472
R3: 1.3617
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din