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Forex pairs in this Article » GBP/USD (London) - GBP/USD has been oscillating between 1.4880 and 1.4920 during the course of European markets and early NA shift.

GBP/USD awaits the highlight tonight as being FOMC minutes and Bernanke speaking. The risk to the downside comes in concerns over tapering and rates policy. “The FOMC minutes are likely to be seen as hawkish insofar as the broad exit strategy was discussed and Bernanke's press conference afterwards seemed to lay out a rough time frame” said strategy teams at BBH.

GBP/USD readings remain bearish

GBP/USD readings remain bearish in the long term, with head and shoulders and MA’s all offering a negative bias. The market might expect a recovery before resuming the downtrend, and Karen Jones, Chief Analyst at Commerzbank said “We note the divergence of the 240 minute RSI and currently we would continue to allow for a small rebound. We suspect that intraday rallies will struggle to clear the May lows at 1.5015 and the accelerated downtrend at 1.5139 should remain capped by 1.5300/25 and while capped here, the market will remain directly offered. 2010 low.”
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