The Pound maintains its negative tone, having extended its decline against the greenback down to 1.5213 this Friday. The former bounce is now finding short term selling interest around 1.5250, a strong static resistance level.
The negative tone of the pair may persist until next week BOE's economic policy meeting, when some clues on whether the Central Bank is still willing to raise rates next year or not, will be unveiled. In the meantime, the negative sentiment towards the Pound keeps the pair under selling pressure, and it will take a huge disappointment from the NFP report, to see it correcting higher this Friday.
Technically, the 4 hours chart shows that the 20 SMA is now heading lower around 1.5290, which means a firmer tone in the pair will be seen only if the price manages to extend beyond it, and the rally can then extend up to 1.5340, where the pair presents several intraday lows.
Below 1.5210 on the other hand the pair can extend its decline down to 1.5160 in the short term, whilst further slides below this last expose the 1.5100 level for the upcoming session.
View the live chart of the GBP/USD
Recommended Content
Editors’ Picks
EUR/USD rises toward 1.0700 after Germany and EU PMI data
EUR/USD gains traction and rises toward 1.0700 in the European session on Monday. HCOB Composite PMI data from Germany and the Eurozone came in better than expected, providing a boost to the Euro. Focus shifts US PMI readings.
GBP/USD holds above 1.2350 after UK PMIs
GBP/USD clings to modest daily gains above 1.2350 in the European session on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.