GBPUSD - 240 - Wait for it!

FX:GBPUSD   British Pound / U.S. Dollar
On Monday, GBP/USD did not show much movement and traded in more narrow range, comparing to the last week’s activity. Although the pair is still holding on the longer-term trend line , further declines could be inevitable. All eyes on the UK CPI data.

If we look at the 4h chart, we can see that it is currently balancing around the 200-day EMA , that acts as a good support level . Also, the we need to consider the fact that the price is below the downwards trendline running from the 2nd of February. If both indicators prove to be enough to hold the price then we could expect a move back to Friday’s low of around 1.37650 and after that towards the 1.36 mark, which acted as resistance in September 2017 and January 2018. We are still negative on the pair for now, although we are monitoring carefully.

As for the upside, as we can see, there is a possibility for the pair to go up and test the short-term downwards trendline . We should also mention, that we have the 50 and 100-day EMAs at around that area as well. The first move above 1.38700 would show the willingness of GBP/USD to make that move slightly higher. If we suddenly get a strong break above the mentioned above trendline , then 1.40 could be back on the table. One indicator, that is slightly supporting the upside idea is the RSI on the 4h chart, where we can see that it is trying to make a move above its downward trendline .
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