12, October 2016

GBP/USD (a 4-hour chart)

General overview

The pound remained under pressure on Tuesday due to hard-Brexit concerns.

Current situation

The pound preserved a negative sentiment on Tuesday. The GBP/USD has declined the second day in a row. The price moved towards 1.2200 through the 1.2300 level. The sterling has lost about 0.66% during the trades. The 50, 100 and 200 EMAs extended their decline. The current resistance is seen at 1.2400, the support lies at 1.2300. 

MACD remained at the same level which confirms the strength of sellers. The RSI oscillator is consolidating within negative are.

Trading recommendations

The pair will continue a downtrend as soon as it breaks below 1.2300. The 1.2200 level seems the next probable bearish target.