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GBP/USD saw a technical rebound, snapping 3 straight weekly declines

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GBP/USD Price Analysis: Sellers could be about to make their moves

GBP/USD is under pressure in the open as the US dollar picks up a bid to start the week. The following illustrates the structure of the hourly market as per round numbers, the broadening formation and a price imbalance. The price imbalance is the greyed area on the chart above the price where the bulls have yet to turn up at the start of the week. 

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GBP/USD Weekly Forecast: 21 DMA remains a tough nut to crack, focus shifts to Fed

The long-due US dollar correction and increasing odds of a 50 bps BOE rate hike in August brewed a perfect mix for the much-needed recovery in GBP/USD from over two-year lows. Although uncertainty surrounding the UK political scenario and the critical 21-Daily Moving Average (DMA) capped the rebound in the currency pair.

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