The British Pound Starts To Lose Ground Against Peers

• 3 Oct 2017

GBP/USD

The GBP/USD daily chart shows the pair testing both the 50 ‘Fibo’ level and the 1.322 price level, having broken the 20-period EMA. Despite reaching this significance level, momentum appears to be bearish. MACD  has started on a downward trajectory and RSI is approaching oversold territory with further downside potential. Volume appears to be declining which indicates that a bullish reversal is not indicated currently.

USD/CHF

The USD/CHF pair has broken a previous resistance level with a strong bullish move above the 0.973 price level. Momentum indicators suggest there is further upside potential. RSI has a sharp upward trajectory and although is approaching overbought conditions, has further upside. MACD remains in bullish territory extending above the zero line. Moving averages also have an upward trajectory and remain below price action. Currently, most signs are bullish.

GBP/CAD

The GBP/CAD pair has found a support level at the 1.662 price level, with price action breaking the price level in yesterday’s trading session. A further bearish move to open today’s session suggests the break may be sustained. The pair looks to be approaching the 20-period EMA and a break of the moving average would provide further confirmation for sellers. MACD has flattened out above the zero line and RSI has pulled away form the 70 overbought zone. Volume has been declining in the last few trading sessions, which may highlight a lack of conviction from sellers, indicating that price action will oscillate within the 1.662 and 1.683 price range.

GBP/AUD

The GBP/AUD pair has hit a previous market top at the 1.709 price level and bounced back in a bearish direction. RSI has moved away from overbought territory and MACD has flattened above the zero line. Sellers will likely be targeting the 1.679 price level, however, volume is declining which indicates a lack of interest in the pair.