GBP/USD technicals & trade setup

FX:GBPUSD   British Pound / U.S. Dollar
184 0 7
Current price behaviour is holding stronger as per 7DMA, breaks below to evidence bearish rout, otherwise expect upswings to extend RSI & Stoch are indicative of further dips, DMAs to substantiate.

Day highs were not able to sustain (1.4630 levels) and earlier has rejected resistance at 1.4678 levels.

During the intraday sessions (European trades) with bearish sentiments mounting in the pair.

RSI: Currently, RSI (14) trending below 57 levels converging to the price dips as this oscillator has been slightly bearish bias, on closing basis movement should be closely watched if it suggests downward signals, on monthly term it's been adverse.

Stochastic: It alarms bears trying to take over the rallies as the slow stochastic noises with the %D line cross over above overbought levels (current %D line flashes at 72.6357).

On monthly terms, we could see the attempts of 7EMA crossing below 21EMA.

Hence, we would foresee GBP on weaker side ahead of this week's PMIs in the U.K and BoE's Carney's speech.

Trade tips:

Cable has been closely observed as has reached a supply zone at 1.4678 and there would either be range bounded swings where upper band is 1.4632 which is maintaining as a resistance point while 1.4573 on south. Considering over these two strikes, one can buy boundary binaries on speculative mindset.
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