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Forex pairs in this Article » GBP/USD (London) - GBP/USD is currently moving towards where the pair jumped to form a gap on the charts and is carving out a descending channel, currently bid on 1.5950.

GBP/USD could be re joining the overall downside move that continued lower on Friday as the USD continued to power ahead. Having traded down very close to 1.5900, the bounce might be looking heavy and attracting offers below1.5980 today ahead of this weeks data releases. First up, UK. Markit PMI Services are due out tomorrow morning that may guide markets ahead of the MPC meet on Thursday.

GBP/USD Levels

The 20 DMA is 1.6070, the 50 DMA is 1.5940 and the 200 DMA is 1.5486. RSI (14) reads 57.17. Supports are ascending from 1.5829, 1.5844, 1.5869, 1.5894, and 1.5917. Spot is currently 1.5949 while resistances are coming in at 1.5999 ,1.6015, 1.6046 and 1.6079.
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