The GBP/USD pair hovers around the 1.5700 level this Monday, holding pretty well to market chaos. An early gap saw the pair falling down to 1.5663, but it was quickly filled and the pair continues to trade directionless, in between Fibonacci levels. In the data front, UK mortgage approvals fell in May from an over a year high. The decrease is being attributed to higher prices and less offer in the housing market, overall negative for Pound.
Nevertheless, the 4 hours chart presents a neutral technical stance, as the Momentum indicator holds horizontal around the 100 level, whilst the price stands around a mild bearish 20 SMA. The RSI indicator in the same chart, looks more bearish, heading lower around 40. Still the pair has to break below 1.5645, the 38.2% retracement of the latest bullish run to confirm a downward acceleration, eyeing then a 100 pips decline towards the 1.5550 region, 50% retracement of the same rally.
Selling interest is aligned at 1.5750, the 23.6% retracement of the same rally that capped the upside for most of the last week, so it will take a clear break above it to confirm a bullish extension, up to the 1.5800/10 region.
View live chart of the GBP/USD
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.