The GBP/USD pair advanced up to 1.5491 so far today, failing to post fresh highs above Wednesday one at 1.5497. There were no fundamental releases in the UK, with sentiment leading the way among Pound investors. Attention will likely shift to elections and the possibility of a hung Parliament, which may drove Pound lower as the date looms.
Anyway, the technical picture continues to favor the upside, as the 4 hours chart shows price firmly above the 1.5400 figure, whilst the 20 SMA heads strongly north below the current price, and the technical indicators resumed their advance after a limited downward correction in extreme overbought levels. The 1.5500 figure is now critical, as a break above it may trigger stops and fuel the advance, eyeing then the 1.5540/60 region. A decline beyond 1.5400 on the other hand, may see the pair extending it downward corrective movement towards 1.5345, the next strong static support level.
View live chart of the GBP/USD
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