GBP/USD: Weekly Technical Analysis For August 11-15, 2014

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The Great Britain Pound continued to decline against the green back in last weeks trading session. The pound fell to nearly two-month lows against the U.S. dollar, as the release of downbeat Manufacturing Production and trade balance data from the U.K. weighed on demand for sterling.

More decline to 1.66917 is expected this week as 4 hours and Daily time-frames shows a strong bearish momentum in the pair. The 21 Exponential Moving Average is just crossing the 55 Exponential Moving Average on the daily time frames, which corresponds to the same situation on the 4 hours time frame. A clear break of 1.66917 supports might bring more decline to 1.64648 supports. Oscillators such as MACD, RSI, SSRC are also in support of the current bearish trend emanating from the daily charts.


Key economic indicators to watch out for this coming week are GBP Claimount Count Change, Unemployment Rate, BOE Gov Carney Speech and Inflation Report Hearings.



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