Downside risks prevailed in the market on Tuesday, thus sending the British Pound to crashed by 198 base points or 1.49% against the US Dollar. This decline, however, was due to the general strength of the Greenback against other major currencies and the Sterling is no exception.
Given that the 55-,100-, and 200-hour SMAs is located above the price, it is likely that the currency pair might continue its decline today.
Nevertheless, it seems that this strong bearish momentum has exhausted the strength of bulls. This could introduce the bullish sentiment within this trading session.
