GBP/USD bearish technical set-up - Scotiabank

FXStreet (Guatemala) - Analysts at Scotiabank explained that GBP/USD's 200 DMA is under threat.

Key Quotes:

"A decisive break below the 50 day MA 1.5560 has shifted the focus to the 200 day MA at 1.5416. The 38.2% Fibo retracement of the April-June rally lies at 1.5409."

"Momentum indicators are bearish, albeit modestly so, and trend indicators have yet to provide confirmation. Resistance is expected at the 21 day MA 1.5599."