The GBP/USD pair trades near a fresh weekly low established in the 1.4860 region, weighed by broad dollar strength amid Greek woes. The economic calendar has been pretty much empty in the UK, with BOE Minutes being the first relevant data, to be release on Wednesday.
Technically, the 4 hours chart shows that the pair trades around the 38.2% retracement of its latest bullish run between 1.4565 and 1.5053 at 1.4870, and is back below the 200 EMA, currently the immediate resistance at 1.4910. In the same chart, the technical indicators head lower in negative territory, whilst the 20 SMA is losing its bullish strength, but well above the current price. Having set a daily low at 1.4855, a downward acceleration through the level should lead to additional declines towards the 1.4810 price zone, 38.2% retracement of the same rally.
To the upside, the pair needs to recover above the mentioned 1.4910 level to be able to continue advancing, up to the 1.4950/60 price zone.
View live chart of the GBP/USD
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.