GBP/USD Trading Below 200SMA

The GBP/USD pair is now trading below the 200SMA, which indicates that it is now in bearish market and could probably continue on its way down. As the US dollar is strengthening, all major pairs are being influenced and the Sterling is one of the biggest losers during this Greenback rally.

The pair depreciated from 1.4380 to today's low of 1.3464 in a matter of a month. The highest high was achieved in mid April. The pair might attempt to go higher from here as the MACD indicates that the pair is oversold and a correction might be due.

The RSI index also is flashing bullish signals as current levels are below oversold. We should continue to monitor the pair in order to have an idea where it could possibly go as it is yet early to give a specific prediction.

Chart: GBP/USD D1