GBP/USD: Weekly Technical Analysis For May 9-13, 2016

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The GBP/USD pair rose further last week but met resistance at 1.4768 and rebounded immensely since then. Considering bearish convergence condition in 4 hours Stochastic, 1.4768 could be at least a short term topping.

Initial bias this week remains on the downside as 21 and 55 EMA is crossed southward with SSRC indicator signalling a high probability of more bearish momentum in the pair. More fall to 1.4298 (resistance zone turn support) is expected this week. Break will pave the way for retesting 1.4089/1.4004 lows.GBPUSDH4

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