Following unsuccessful attempt to breach the 55– hour simple moving average and the weekly pivot point at 1.35 on Friday, the bearish momentum started to lead the Pound Sterling down. As a result, the GBP/USD exchange rate reaches a five-month low level.
Given that the 55– hour SMA has been providing a strong resistance for the currency pair during the last two consecutive trading session, it seems that an upside move might hardly come by today.
Meanwhile, technical indicators suggests that bears are likely to grow stronger within this session.
