GBP/USD – Overall outlook remains bearish

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 of period under study at 1.27937 on 16 May. The price action in the GBP/USD is mainly driven by the weakness in the Pound Sterling . Bears are in full control as the price is hovering around 1.27900
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 1.31801. Bulls must break this level in order to regain bullish sentiment in the market.
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