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California day-ahead power priceSource: Bloomberg
The current downtrend in GBPUSD remains intact and the pair is trading lower once again, as it started the week on a bearish note. The move lower maintains the current bearish sequence of lower lows and lower highs. The trend has entered oversold territory however this does not appear to be a concern for bears. The focus is on 1.1412 next, the Mar 20 2020 low and a major support. Initial firm resistance is seen at 1.1816, the 20-day EMA.
EURUSD traded lower Monday and has traded through support at 0.9901, the Aug 23 low. The break lower confirms a resumption of the downtrend and sets the scene for a continuation lower inside the bear channel, drawn from the Feb 10 high. The move lower also maintains the bearish price sequence of lower lows and lower highs. This opens the 0.9800 handle next.