The GBP/USD pair presents an intraday heavy tone this Friday, extending its decline below the 1.5600 level, on generalized dollar's strength. The pair however, remains within range, having shown little progress this week, as per trading around 50 pips above its Sunday opening.
The pair maintains a neutral stance, albeit short term, the downside is favored, with the 4 hours chart showing that the price extends below its 20 SMA and that the technical indicators head south below their mid-lines. At the current level, the pair is struggling around a horizontal 200 EMA, after bouncing from a daily low of 1.5548, which means a break below this last should lead to another bearish run towards the 1.5500 level. Additional declines, expose the 1.5460 region, the base of its latest range.
To the upside, the level to watch is 1.5620 as only a steady recovery above it will favor an upward continuation towards the 1.5650/70 price zone.
View live chart of the GBP/USD
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