GBPUSD price declined due to bearish correctional wave, limiting recovery attempts
Trading below EMA50 reinforces negative overview on near-term basis
Negative signals on RSI increase selling pressure, next support levels may be tested
The GBPUSD price declined in its last intraday trading, affected by the dominance of bearish correctional wave on the short-term basis, which decreases the positive momentum and limits the recovery attempts. This decline came amid the continuation of the trading below EMA50, reinforcing the current negative overview on the near-term basis.
The emergence of the negative signals on the (RSI) increases the selling pressure, indicating the situation of losing the buying momentum and supports the continuation of the bearish correction, these factors keep the eyes on the next support levels that might be tested if the selling pressure continues.
