The GBP/USD pair retreated from a daily high set at 1.5189 with the European opening, down to 1.5129 before bouncing some. Nevertheless, the pair trades in the red daily basis, although the technical picture is far from suggesting a stronger decline.
In the 4 hours chart, the price stands above a bullish 20 SMA, currently at 1.5090, whilst the Momentum indicator is horizontal well above the 100 level, and the RSI indicator corrects extreme overbought readings, now around 63. The price may extend its decline down to the mentioned 1.5090 level now, but it will take a price acceleration below it to confirm additional intraday declines towards the 1.5050.
A recovery beyond 1.5150 on the other hand, should ease the bearish pressure, and push the pair back towards the 1.5200 region, with some steady gains above this last suggesting an upward extension up to 1.5250.
View live chart of the GBP/USD
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