The GBP/USD pair reached a daily high of 1.4691 during the Asian session, but retreated from the level and even fell down to 1.4602 following news that the UK inflation remain steady at record-low 0.0% in March. The kingdom also released it house price index, showing house prices increased by 7.2% in February, compared to an year before, while Producer Price inflation output for March fell 1.7% yearly basis, as expected.
Technically the 4 hours chart shows that a strongly bearish 20 SMA capped the upside ever since the day started, whilst the technical indicators are now retracing from their mid-lines, after correcting oversold readings, keeping the risk towards the downside. Below the mentioned daily low, the pair should quickly run down to the weekly low set in the 1.4560 area, whilst if the pair extends below 1.4550, the bearish move can continue down to the critical 1.4500 figure. To the upside, only some steady gains above 1.4700 will ease the bearish pressure, and see the pair attempting to rally towards the 1.4740/60 price zone.
View Live Chart for GBP/USD
Technically the 4 hours chart shows that a strongly bearish 20 SMA capped the upside ever since the day started, whilst the technical indicators are now retracing from their mid-lines, after correcting oversold readings, keeping the risk towards the downside. Below the mentioned daily low, the pair should quickly run down to the weekly low set in the 1.4560 area, whilst if the pair extends below 1.4550, the bearish move can continue down to the critical 1.4500 figure. To the upside, only some steady gains above 1.4700 will ease the bearish pressure, and see the pair attempting to rally towards the 1.4740/60 price zone.
View Live Chart for GBP/USD
Recommended Content
Editors’ Picks
USD/JPY holds near 155.50 after Tokyo CPI inflation eases more than expected
USD/JPY is trading tightly just below the 156.00 handle, hugging multi-year highs as the Yen continues to deflate. The pair is trading into 30-plus year highs, and bullish momentum is targeting all-time record bids beyond 160.00, a price level the pair hasn’t reached since 1990.
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Ethereum could remain inside key range as Consensys sues SEC over ETH security status
Ethereum appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the US SEC and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.