GBP/USD (a 4-hour chart)
The pound is under pressure as the BoE relaunched its quantitative easing program.
The pound remained under pressure despite the weak dollar. The sterling tried to grow, but the 50-EMA limited its growth. The GBP/USD had to return to the support 1.2900. The current resistance is seen at 1.3100, the support exists at 1.2900.
The indicators (MACD and RSI) still generate a sell signal.
The 50-EMA is a resistance where the price bounced downwards in the 4 hours chart. The 50, 100 and 200 Day EMAs are heading lower.
The overall outlook remains bearish, for a drop towards 1.2900 support area.