GBP/USD closed lower on Friday but the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bearish again signalling that additional weakness is possible near-term. If it renews last week's decline, the 87% retracement level of 2009's rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
Join the Discussion