GBP/USD: eyes a break below the 1.30 handle - FXStreet

Valeria Bednarik, chief analyst at FXStreet, explained that the GBP/USD pair turned lower during the American session and ended the day almost 30 pips above last Friday's close.

Key Quotes:

"The pair lost momentum and turned lower in the US afternoon, as oil and stocks retreated from their daily highs, supporting a bearish breakout of the critical 1.3000 level during the upcoming sessions. In the short term, technical readings support a downward continuation as in the 1 hour chart, technical indicators are entering negative territory with sharp bearish slopes, whilst the price is extending below a flat 20 SMA. In the 4 hours chart, the 20 SMA has extended its decline far above the current level, while technical indicators remain directionless near oversold readings, lacking directional strength, but clearly reflecting the absence of buying interest."