GBP/USD still looking bearish on the Daily Chart

gbp-l1GBP/USD (current price: 1.4411)

The pair is back near the important support zone between 1.4385 and 1.44 following a low volatility consolidation day. The British construction PMI came in at 51.2 compared to the expected number of51.9, but the pair ignored the bearish news, as the Brexit remains the most important event that investors focus on. Cable got close to the lower boundary of the short-term rising trend channel and all odds favor a move to the downside after it left the channel today in early trading.

Our assessment: GBP/USD failed to reach the 200-day MA during last week’s rally and now a re-test of 1.43 looks imminent, although a bearish Jobs Report could turn the tide today.

                            3jun2

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