The GBP/USD pair trades near a fresh weekly low established in the 1.4860 region, weighed by broad dollar strength amid Greek woes. The economic calendar has been pretty much empty in the UK, with BOE Minutes being the first relevant data, to be release on Wednesday.
Technically, the 4 hours chart shows that the pair trades around the 38.2% retracement of its latest bullish run between 1.4565 and 1.5053 at 1.4870, and is back below the 200 EMA, currently the immediate resistance at 1.4910. In the same chart, the technical indicators head lower in negative territory, whilst the 20 SMA is losing its bullish strength, but well above the current price. Having set a daily low at 1.4855, a downward acceleration through the level should lead to additional declines towards the 1.4810 price zone, 38.2% retracement of the same rally.
To the upside, the pair needs to recover above the mentioned 1.4910 level to be able to continue advancing, up to the 1.4950/60 price zone.
View live chart of the GBP/USD
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