forexwithfred
Short

Cable To Show Downtrend Momentum & Break Resistance

FX:GBPUSD   British Pound / U.S. Dollar
Currently, the GBP/USD (Cable) has found a strong resistance level at the 50% level on the Fibonacci Retrancement. As well as this, a descending triangle has formulated, characterised by lower highs and lower lows over the past few days. The reason I believe this pair will breakout of the 50% Fibonacci level is because the 30 day moving average is looking to cross the 10 day moving average, once this occurs it confirms a downtrend. This cross-over is forming right on the resistance level . On the fundamental analysis of the GBP/USD pair, tomorrow both have high level economic news, for the GBP, the Bank of England governor, Mark Carney will be commenting on the future monetary policy , this will stimulate short-term negative or positive sentiment. For the USD, Crude Oil Inventories are to be released tomorrow as well, from looking at the past results, it has exceeded analysts forecasts drastically for the past few months and it is looking likely to continue this trend. With these upcoming economic factors, this verifies my hypothesis on the downtrend of the Cable.
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