The GBP/USD pair continues to trade in a tight limited range, consolidating its latest gains above the 23.6% retracement of its latest bullish rally around 1.5640, having bounced quickly from the level after testing in with the European opening.
The 4 hours chart shows that the 20 SMA stands horizontal well below the current level, in the 1.5580 region, whilst the technical indicators are turning slightly lower well into positive territory, rather reflecting the ongoing consolidation than suggesting a bearish move. Should the price accelerated below the mentioned 1.5640 level, the pair can correct lower, towards the 1.5580 price zone, while a break below this last can see the pair extending down to 1.5535, the 38.2% retracement of the same rally.
The 1.5700 level continues to cap the upside, so it will take a break above it to confirm additional gains towards the 1.5730/40 price zone, in route to this week high of 1.5814.
View live chart of the 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.