GBPUSD – Further Downside May Prevail

Data in Focus

Retail sales m/m– an Economic data is due at 08:30 GMT for GBP and the forecast is for -0.7%

Technical Analysis

The GBPUSD pair has broken its symmetrical triangle towards the downside as we predicted yesterday. The price action is trading in a bearish channel pattern (shown in pink lines) at the time of writing this article.  The RSI is still trading in line with the price action which means bias could be towards the downside.