The British Pound maintains a weak tone against the greenback, with the GBP/USD pair finding selling interest on advances towards the 1.5100 figure, pretty much consolidating its latest losses. Later today, George Osborne will give a speech following the release of the Autumn Statement, an update of the economic outlook and a preview of the government budget for 2016. Yet at the same time a bunch of data will be released also in the US, probably with more chances to surprise the market than the UK one.
The 4 hours chart shows that the 20 SMA has extended its decline and maintains a strong bearish slope, converging with the 23.6% retracement of the latest weekly decline at 1.5135, providing a strong resistance in the case of a sudden recovery. In the same chart, the technical indicators have recovered from near oversold readings, but remain well into negative territory, leaving no room for a bullish movement just yet.
Should the price advance beyond the mentioned 1.5135, the recovery can extend up to 1.5170/90, where some selling interest will likely halt the advance. Below 1.5050 on the other hand, the pair is set to approach to the 1.5000 figure, with a break below the critical psychological figure exposing the pair to a steady decline towards 1.4850.
View the live chart of the GBP/USD
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