Hello everyone, the GBP/USD pair remained below the 1.2700 level during the early Wednesday Asian trading session. The UK's Nationwide House Price Index for January will be released ahead of the Federal Open Market Committee (FOMC) monetary policy meeting on Wednesday.
From the 4-hour chart, we can see that the price has formed a double top pattern and declined, breaking out of the previous uptrend channel.
Currently, the 34 and 89-period Exponential Moving Averages (EMA) technical indicators continue to support the downward price momentum of this currency pair.
Given the current picture, it would not be surprising if GBP/USD makes new breakthroughs below the mentioned support on the 4-hour analysis chart
From the 4-hour chart, we can see that the price has formed a double top pattern and declined, breaking out of the previous uptrend channel.
Currently, the 34 and 89-period Exponential Moving Averages (EMA) technical indicators continue to support the downward price momentum of this currency pair.
Given the current picture, it would not be surprising if GBP/USD makes new breakthroughs below the mentioned support on the 4-hour analysis chart
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