The GBP/USD pair retreated from a high set at 1.4412, reached during Asian hours and triggered by yen's weakness, and the pair now consolidates around its former January highs in the 1.4360 region. With no macroeconomic news scheduled in the UK, market´s attention shifted towards the US Q4 GDP figures, to be released later today.
The pair is losing upward strength given that in the 4 hours chart, the technical indicators retreat from overbought levels, with the Momentum indicator approaching its 100 level and about to break below it. In the same chart, however, the price remains above a bullish 20 SMA and above the daily ascendant trend line coming from this month low, today at 1.4260 and a key support in the case of dollar's gains.
If the price continues sliding below the 1.4300 figure, it can test the mentioned trend line, while a break below it should see the bearish trend resume and the price approach the 1.4200 figure.
Renewed buying interest above 1.4360 on the other hand, should see the pair advancing towards the 1.4420 region, while above this last, an interim bottom can be confirmed, anticipating some further gains for the upcoming sessions, with 1.4460 as the immediate resistance and probable bullish target for today.
View the live chart of the GBP/USD
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