The British Pound trades lower in range, with the downside limited despite dollar generalized strength, having recovered from a daily low of 1.4754 following better than expected UK GDP Q4 final readings, as the economy expanded 0.6%, better than previously estimated of 0.5%.
Having bounced again from the 1.4750 price zone, the 4 hours chart presents a mild bearish tone, as the price develops below a bearish 20 SMA, currently around 1.4840, whilst the Momentum indicator stands below 100, lacking directional strength, and the RSI heads lower around 38. At this point, price needs to break below the mentioned 1.4750 level to extend its decline, probably towards the 1.4700 price zone, with stops accumulating around 1.4690. The upside is being limited by sellers around the 1.4800 figure, with a recovery above it probably seeing a short term upward extension towards the mentioned 1.4840 price zone.
View Live Chart for GBP/USD
Having bounced again from the 1.4750 price zone, the 4 hours chart presents a mild bearish tone, as the price develops below a bearish 20 SMA, currently around 1.4840, whilst the Momentum indicator stands below 100, lacking directional strength, and the RSI heads lower around 38. At this point, price needs to break below the mentioned 1.4750 level to extend its decline, probably towards the 1.4700 price zone, with stops accumulating around 1.4690. The upside is being limited by sellers around the 1.4800 figure, with a recovery above it probably seeing a short term upward extension towards the mentioned 1.4840 price zone.
View Live Chart for GBP/USD
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