GBP/USD Technical Analysis: March 13, 2017
The expectations for Consumer Inflation and Industrial Production of Britain showed lower-than-expected results that further weighed on the British currency.
Moreover, the sterling stayed flat out on Friday. The major is trading in the middle points of 1.2200 and 1.2170 but failed to establish a short-term position.
The spot hovered under the moving averages and advanced lower as shown in the 4-hour chart. Resistance highlighted 1.2200, support is at 1.2100.
The MACD histogram increased which confirmed weak stance of the sellers. RSI came close to the oversold territory.
We expect two possible scenarios. When the GBP is oversold, the marks 1.2250 – 1.2300 will not be excluded in the correction. Also, if the sellers continued to be in control the major will keep on sliding. Having broken the 1.2150 region, the 1.2100 will recur within the range.
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