GBP/USD - GBP/USD New 10-Week Low - Met Our Target! - 01/11/2017 (GMT)

The British pound after three failed attempts to move below the 1.2115 barrier against the U.S. dollar, over yesterday’s session met our suggested target at the mentioned level and recorded a fresh 10-week low at 1.2107 (see technical analysis here: http://bit.ly/2ibJEX0). Following the strong rebound on the new low, the GBP/USD pair created a retracement and hit again the 1.2200 psychological obstacle. Currently, the price is developing slightly below it at 1.2160 level and is approaching again the 1.2107.

On the 4-hour chart, the price continues trading well below its moving averages, whilst the technical indicators hold within the negative territory, although with no clear directional strength. The RSI indicator is moving sideways in the middle of the 30 and 50 level while the MACD oscillator crossed its trigger line to the upside but it lies below the zero line.