Technical Chart pick of the day: GBPUSD – Bearish
· On a technical perspective, the trend is bearish, with prices below the 20, 40, 100 and 200 EMA.
· Prices failed to break above the 20 EMA and retraced. This indicates that selling pressure is present.
· Based on the pivot point analysis, prices are below the pivot level. This signifies bearishness.
Resistance: R1: 1.28874, R2: 1.29188, R3: 1.29721
Support: S1: 1.28341, S2: 1.28122, S3: 1.27589
The BoE is expected to leave the interest rate unchanged today while it is still unclear who will replace governor Mark Carney after January 31st.