Bearish tone for GBP/USD continues in early trading

GBP/USD - Currency strength indicator &30 minute chart

GBP/USD – Currency strength indicator &30 minute chart

As the markets get under way in London this morning, and with a relatively thin day for fundamental news, the US dollar is once again advancing on the fast time frame charts and providing some excellent intraday scalping opportunities across the currency majors. Both the British pound and the euro have been selling off sharply against the US dollar, with the currency strength indicator on the 15 minute timeframe showing the US dollar, the red line rising firmly and moving towards the overbought region, with the euro (orange) and the pound (yellow) both moving strongly lower along with the Swiss franc (green).

The chart alongside is of the GBP/USD in a slightly slower time frame (30m) and reflecting the current bearish sentiment at present for this pair, with the Trend Monitor at the bottom of the chart remaining firmly red, with the current volume rising, and confirming the current move lower. In addition, Cable is now breaking below the recent platform of support in the 1.4879 region as defined by the support and resistance indicator with the orange dotted line, with the next logical pause point now in place at 1.4852.

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