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GBP/USD – Pair drops to 50-DMA as expected, what’s next?

FX:GBPUSD   British Pound/U.S. Dollar
As noted in Friday’s update - GBP/USD – Bearish cloud cover & ‘J curve’ theory – the pair has dropped to 50-DMA. The pair clocked a low of 1.3138 and was trading around the 50-DMA level of 1.3154.

What’s next?

The spot appears on track to test 1.3059 (Aug 30 low) especially if the day end close is below 50-DMA level of 1.3154. Overall, the bearish mood is likely to persist, courtesy of - Dark could cover followed by two-day sell-off… followed by a big drop on Tuesday.

Short-term bearish invalidation is seen only if the spot sees a day end close above 1.3279 (Aug 26 high).
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