The GBP/USD pair trades uneventfully within its latest range, finding little support in positive UK news showing that Britain’s economy had grew more than previously estimated in the first quarter. Gross domestic product rose 0.4% according to the Office for National Statistics, revising its previous figure of 0.3%.
The 4 hours chart shows sellers are still aligned around the Fibonacci level at 1.5750, whilst the technical indicators maintain a neutral stance, as the price goes back and forth around a horizontal 20 SMA, whilst the technical indicators lack directional strength in neutral territory. The pair has found buyers on approaches to the 1.5645 level, the 38.2% retracement of its latest bullish run, which means stops below it should be large. A break below it therefore, is required to confirm a downward acceleration towards the 1.5550 price zone. The upside is being limited by 1.5760/1.5800, which means it will take a recovery above this last to confirm a recovery up to 1.5840/50.
View live chart of the GBP/USD
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