The British Pound enjoyed some brief demand early Europe and following EUR's strength, advancing against the greenback up to a daily high of 1.5543. The pair however, was unable to advance beyond a key resistance, the 38.2% retracement of its latest bullish run, and erased its intraday gains, trading steady around the 1.5500 level.
The technical picture is still bearish, as the 20 SMA has extend its decline further above the current price, standing now a few pips above the mentioned daily high, while the technical indicators head lower well into negative territory. Nevertheless, the price seems attached to the 1.5500 level. Further declines below 1.5460, the 61.8% retracement of the mentioned rally are required to confirm a new leg lower towards 1.5415 the next intraday support, while a break below this last should see the pair extending its decline down to 1.5330 and complete a full 100% retracement.
An advance beyond the mentioned daily high on the other hand, should encourage buyers, and lead the price to advance up to the 15600 price zone.
View live chart of the GBP/USD
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