FxWirePro: GBP/USD likely to test key trend line as bullish candles failed to support price
GBP/USD bears seem to have more steam left. Yesterday, two-day effort to form a bottom in GBP/USD failed in the absence of positive catalyst from ongoing Brexit negotiations and as dovish European Central Bank (ECB) prop…
Yesterday, two-day effort to form a bottom in GBP/USD failed in the absence of positive catalyst from ongoing Brexit negotiations and as dovish European Central Bank (ECB) propelled USD higher.
We had expected for the pound to rise as two consecutive bullish candles were formed back to back; hammer and a Dragon-fly Doji.
Since the support failed miserably, it is likely that the pound would decline further. It is gradually moving lower, ahead of U.S. non-farm payroll; data to be released at 13:30 GMT.
GBP/USD is currently testing 1.305 area.
It is looking increasingly likely that the pound would test the rising trend line, shown in the chart. The trend line is drawn on based on closing price.
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