Pound surged overnight, extending its gains during Asian hours up to 1.5722 against the greenback. But the GBP/USD pair turned south with the European opening, trading already below Friday’s close: dollar strengthens across the board whist Pound self weakness due to diminishing chances of a rate hike for next year in the UK.
The pair’s ruling trend remains firm in place, with the 4 hours chart showing price retraced from a clearly bearish 20 SMA offering dynamic resistance around the mentioned daily high, while indicators turned strongly south in negative territory, after correcting oversold readings: 1.5589, this year low comes as immediate support with some consolidation around it expected if reached within the next couple hours. But a break below it should see a downward extension towards 1.5550 price zone, in route to the 1.5500 figure. Short term, the first resistance stands at 1.5660, with a recovery above it probably signaling a retest of the 1.5700 level.
View Live Chart for GBP/USD
The pair’s ruling trend remains firm in place, with the 4 hours chart showing price retraced from a clearly bearish 20 SMA offering dynamic resistance around the mentioned daily high, while indicators turned strongly south in negative territory, after correcting oversold readings: 1.5589, this year low comes as immediate support with some consolidation around it expected if reached within the next couple hours. But a break below it should see a downward extension towards 1.5550 price zone, in route to the 1.5500 figure. Short term, the first resistance stands at 1.5660, with a recovery above it probably signaling a retest of the 1.5700 level.
View Live Chart for GBP/USD
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