The GBP/USD pair slipped down to 1.5325 fresh 2-week low, following the release of the UK Markit Services PMI down to 56.7 in February, from a previous reading of 57.2. The American dollar is broadly higher against most of its rivals, also weighing in the pair that holds near the mentioned low, unable to advance.
From a technical point of view, the bearish tone dominates the pair, as the 4 hours chart shows that the price develops below a bearish 20 SMA, whilst the technical indicators head south below their midlines. Furthermore, the price stands below is 200 EMA, and if it manages to extend its decline below it, the risk of a stronger slide will increase. A break through the daily low should anticipate a quick fall towards the 1.5290 price zone, and beyond this last towards 1.5250, strong static support level.
To the upside, price needs to firm up above 1.5340 to be able to advance further, with next resistance level at the 1.5380 price zone.
View Live Chart for GBP/USD
From a technical point of view, the bearish tone dominates the pair, as the 4 hours chart shows that the price develops below a bearish 20 SMA, whilst the technical indicators head south below their midlines. Furthermore, the price stands below is 200 EMA, and if it manages to extend its decline below it, the risk of a stronger slide will increase. A break through the daily low should anticipate a quick fall towards the 1.5290 price zone, and beyond this last towards 1.5250, strong static support level.
To the upside, price needs to firm up above 1.5340 to be able to advance further, with next resistance level at the 1.5380 price zone.
View Live Chart for GBP/USD
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