GBP/USD: Selling pressure increasing
08:05 GMT - Short-term gains have failed shy of 1.3700, as intraday studies track lower once again and prompt fresh selling interest.
Congestion around 1.3600 is under pressure, but negative daily stochastics and the bearish Tension Indicator highlight increased selling interest and a later break towards 1.3500.
Critical support, however, is at the 1.3450 monthly low of 11 January. A close beneath here will confirm a significant top in place at 1.3759 and a deeper correction of the September rally.
Meanwhile, resistance remains at 1.3700 and should continue to cap any immediate corrective bounce.
Congestion around 1.3600 is under pressure, but negative daily stochastics and the bearish Tension Indicator highlight increased selling interest and a later break towards 1.3500.
Critical support, however, is at the 1.3450 monthly low of 11 January. A close beneath here will confirm a significant top in place at 1.3759 and a deeper correction of the September rally.
Meanwhile, resistance remains at 1.3700 and should continue to cap any immediate corrective bounce.
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