GBPUSD Technical Analysis on Daily Chart – 5th January 2016
GBPUSD – On the daily time frame, the pair continues to make bearish moves below the 21 ema.
Next downside target and support is at 1.46 zone.
Pair is trading below pivot point and below the 21 ema showing that the bears are still in control. Yesterdays bearish candle doesn’t tell us that the bulls have come in in full force yet.
With UK not too certain yet on increasing rates and with the risk off environment hitting the markets on the first trading day of the year, the pair doesn’t have much reason to rally.
Expect more downside with the risk off environment intact.
~ Ardy Ismail