GBP/USD - Struggled Beneath the 50-day SMA and Awaits Strong Event for Clear - 12/05/2017 (GMT)

The greenback started the week with bearish tendency against the Japanese yen as it posted a red day. The USD/JPY pair rose 0.5% during the previous weekly session and successfully surpassed the bearish crossover within the 50 and 200 SMAs. It is worth to mention that the price is still developing within a sideways channel with upper boundary the 114.40 resistance level and lower boundary the 108.10 support level.The levels to have in mind are the 113.90 to the upside if the price climbs above the 50-day SMA and the 111.70 to the downside if continues the downward move. On the daily timeframe, the technical structure suggests weak to bullish momentum. The RSI indicator is sloping to the upside above the 50 level, whilst the MACD oscillator is rising in the negative territory and lies above the trigger line.