GBPUSD: Bulls are hopeful below 1.3600 for a fresh rally
GBP/USD fell below the 200-period SMA on the four-hour chart but reversed its direction after testing the 1.3560 support area, where the 100-period SMA and 61.8% retracement of the latest uptrend align. The Relative Strength Index on the same chart, however, stays below 50, suggesting that the latest rebound is a technical correction.
On the upside, interim resistance seems to have formed at 1.3580 ahead of 1.3600 and the 1.3630/1.3640 area .GBP/USD has faced heavy bearish pressure early Tuesday and declined below 1.3600 before having staged a rebound in the European morning. The pair could extend its slide in case sellers manage to drag it below the key 1.3560 support area.
European equity indexes started the day sharply lower and US stocks futures are losing between 1.2% and 2.2%, reflecting the souring market mood.
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