Two Trades To Watch: DAX, GBP/USD - Monday, Jun. 7

Where next for GBP/USD ?

GBP/USD is trending lower, trading below its descending trendline dating back to the start of the month. It has fallen below its 50 & 100 sma on the 4 hour chart. 

The RSI is pointing southwards in bearish territory suggesting there could more downside to come. 

A break below support at 1.4090/80 could open the door to a deeper selloff towards 1.4050 the 200 sma. 

Meanwhile a move above 1.4165 the descending trendline and the 50 sma could negate the near term bearish trend and see buyers target 1.42 round number. 

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