GBPUSD bearish crossover

The downside prevails after key moving average crossover: Chart

Charts (2)

The US Dollar was bearish against all of its major pairs on Monday. On the US economic data front, no major economic data was released.  

On Tuesday, Wholesale Inventories for the August preliminary reading are expected to decline 0.1% on month, compared to -0.3% in the July final reading. Finally, the Conference Board's Consumer Confidence Index for September is expected to spike to 90.0 on month, from 84.8 in August.                  

The Euro was bullish against most of its major pairs with the exception of the AUD, CHF and GBP. In Europe, no major stats were released.

The Australian dollar was bullish against most of its major pairs with the exception of the GBP.

The GBP/USD jumped 87 pips to 1.2833 in Monday's trading making it the pair with the largest Pip move. Key resistance remains at the 1.2985 level (Green Line). A bearish cross has been confirmed after the 20-day moving average crossed below the 50-day. Look for continued downside towards 1.251 support unless 1.2985 is broke to the upside. 



Source: GAIN Capital, TradingView

Happy Trading

More from Forex

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.