GBP/USD (a 4-hour chart)
Shafik’s dovish comments (the BOE deputy) weighed on the pound. According to the deputy more stimulus may be required in the nearest time. Besides, the regulator is ready to expand its asset purchase program if needed.
The trend is objectively bearish. Sellers have the ball and do not want to give up their positions. The pair showed low volatile trades on Wednesday. The price stayed around 1.3000 waiting for new drivers. An attempt to grow was stopped by the bearish 50-EMA. The price is struggling with the 50-EMA to grow further. The 50, 100 and 200 EMAs maintained their decline. The current resistance is seen at 1.3000, the support exists at 1.2900.
MACD is in the negative territory. MACD grew which indicates the sellers’ positions weakening. RSI is heading towards the overbought area.
The overall outlook remains bearish, for a decline towards 1.2950 support zone. A recovery towards 1.3100 is also possible.