FX.co ★ Technical analysis of the pair GBP/USD for 17.01

The charts are indicating a bearish situation for GBP/USD. It seems a downtrend has already started. We assume more room for downside. Today traders are eyeing Retail sales data. Prices broke a 6-month trend line on daily closing basis and trading below 21 DEMA which adds more fuel to bears.

In the daily charts, oscillators gave a sell signal in all modes. RSI and Stochastic both are in selling zone. Support comes at the level of 1.6220 December's low. Resistance is at the level of 1.6437.