British Pound Faces Bearish Potential, But Market Noise Urges Caution

[B]My picks:[/B] Flat GBP (With Bearish Bias)
[B]Expertise: [/B]Fundamentals Combined with Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week

Daily charts show that RSI for GBP/USD has fallen from overbought levels, which is a bearish signal for the pair. Meanwhile, GBP/CHF has backed off from key trendline resistance and its 200 SMA, offering well defined risk levels. However, in light of the choppy price action we’re seeing today across the majors, I think it’s dangerous to enter a new GBP trade at this point.

I am currently holding on to a short EUR/USD and a short USD/JPY trade.