GBPUSD has been losing momentum for the past week as indicated by the stochastics chart despite some upward attempts. Prices are being supported by the 10-day moving average with immediate support coming at around 1.3160. The near-term bias remains bearish with the MACD deep in negative territory.
Following the June 24 plunge, prices have been unable to advance much past the 1.35 level. A break above this resistance level is needed to create a sustained positive momentum. With the stochastics still declining and yet to reach oversold territory, there is scope for further losses in the near term.
Support is likely to come at the key 1.31 and 1.29 levels. Failure to hold above 1.29 would take the pair within reach of the 31-year low of 1.2794 set on July 6.
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