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Jun 02 - 12:55 PM

GBP/USD: Look Likely To Roll Over Towards Triple Support Range At 1.3990-1.4017 - Citi

By eFXdata  —  Jun 02 - 10:45 AM

Citi discusses GBP/USD technical outlook and sees a tactical move lower towards 1.3990-1.4017.

"CitiFX Technicals flags that the pair looks likely to roll over as it completed a bearish outside day after setting a new trend high slightly above the Feb 2021 high at 1.4237," Citi notes. 

"Also, the daily momentum turned lower with a notable momentum divergence at the highs, which suggests that we may see GBPUSD squeezing lower towards a triple support range at 1.3990-1.4017, which is where a short term rising channel base converges with the highs from March and April 2021," Citi adds. 

Source:
Citi Research/Market Commentary

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