GBPUSD sliced through some crucial support levels this week, erasing all its gains for the year. The pair rebounded off the 1.3410 support region, but there’s a series of lower highs and lower lows forming since early June. Indeed, the 50-day moving average (MA) has also crossed below the 200-day one, forming a ‘death cross’. All this points to a downtrend. The short-term oscillators are mixed, with the RSI reflecting the latest rebound in the price action but the MACD staying firmly negative and below its red trigger line. If sellers remain in control and manage to pierce below the 1.3410 barrier, their next target ... (full story)