The GBP/USD pair trades at its lowest level in 3-weeks, a few pips above the daily low set at 1.5224. There has been no significant data behind the early slide, mostly based on dollar broad strength ahead of ECB announcement against its European rivals. In little more than an hour, the Bank of England will end its monthly economic policy meeting, but unless they change rates or the APP, there will be no press conference. And both are expected to remain unchanged, making of the BOE's meeting a non event.
Technically, the 4 hours chart shows that the 20 SMA is crossing below the 200 EMA, whilst the Momentum indicator heads lower below 100 and the RSI hovers in oversold territory, all of which supports some further declines. The immediate support comes at the 1.5210 price zone, with a break below it exposing the pair to a continued decline towards the 1.5160 level. To the upside, the immediate resistance stands at 1.5270, with a price acceleration above it favoring a recovery up to the 1.5330/50 price zone.
View Live Chart for GBP/USD
Technically, the 4 hours chart shows that the 20 SMA is crossing below the 200 EMA, whilst the Momentum indicator heads lower below 100 and the RSI hovers in oversold territory, all of which supports some further declines. The immediate support comes at the 1.5210 price zone, with a break below it exposing the pair to a continued decline towards the 1.5160 level. To the upside, the immediate resistance stands at 1.5270, with a price acceleration above it favoring a recovery up to the 1.5330/50 price zone.
View Live Chart for GBP/USD
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