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GBP/USD – Bears eyeing 1.27000

FX:GBPUSD   British Pound / U.S. Dollar
The GBP/USD currency pair on the 4-hour time frame has been following a downtrend recently. The price registered the lowest level in 4 months at 1.27154 on 20 May. The price action in the GBP/USD is mainly driven by the weakness in the Pound Sterling . As of writing, the price is hovering around 1.27080 with bears eyeing a breach of key support level of 1.27000
The 4-hour chart of the GBP/USD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.

By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/USD . RSI ( Relative Strength Index ) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.30421 (High of 13 May). Bulls must break this level in order to regain bullish sentiment in the market.
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