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Short

Cable bears back in business, LT trend slide in sloping channel

FX:GBPUSD   British Pound/U.S. Dollar
165 0 6
After yesterday’s gains in GBP against the dollar as Fed maintained “Status Quo” in its monetary policy, the active bears of this pair have been back in business to trim previous gains.

Even though the prices have jumped it hasn’t been able to test 7DMA levels nor even immediate resistance at 1.4229 levels.

Today highs were not able to sustain and has dropped below 1. 4212             levels.

RSI: Currently, RSI (14) has been trending below 38 levels and converging according to the price declines that signal the strength in the bearish trend .

Stochastic: It alarms bears trying to take over the rallies as the slow stochastic noises with the attempts of %D line cross over even near oversold levels that mean selling sentiments are again intensified (current %D line flashes at 10.4863 while articulating).

On broader perspectives, the cable has been closely observed as it has been maintaining the supply zone right from 1.4769 levels amid the increased fears of Brexit event, and most importantly these consistently dipping prices are in conformity to the massive volumes that means the robust bearish trend .

Hence, we would foresee GBP on weaker side ahead of this week's BoE's monetary policy decision today which is most likely to remain unchanged, pre & post-UK referendum event.

Trade tips: As a result of above technical and fundamental incidents we see pair likely to head southwards near 1.41 levels or even retest of 1.3878 levels is also possible outcome in a case of the voters decides in favour of Brexit. Thus, for an intraday perspective, we reckon one touch binary put options favouring realized volatility and momentum indicators. On a delivery basis, one can also stay short in mid-month futures for above mentioned bearish targets.
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