An improvement in risk sentiment, as oil trimmed most of its weekly opening losses, has helped high yielders to advance this Tuesday. The GBP/USD pair trades above the 1.4300, supported by news saying that latest Brexit polls are showing a shift in favor of the "remain."
The macroeconomic calendar will be more interesting during the US session, as the country will release housing data for March, whilst BOE's Governor Carney is due to testify before the Lords Economic Affairs Committee, in London.
In the meantime, the price approaches a daily descendant trend line coming from February high at 1.4667, today around 1.4400. Also, and ever since April started, the pair has been unable to sustain gains above the 1.4300, quickly meeting selling interest on spikes beyond it.
The 4 hours chart shows that in fact, sellers appeared around the daily high and sent the pair down to 1.4280, but it bounced back sharply, indicating that bulls are getting stronger. In this last time frame, the technical indicators are retreating partially from overbought levels, whilst the 20 SMA has turned back north well below the current level, incapable, however, of reaching higher highs.
The immediate resistance comes at 1.4347, last week high, with a break beyond it signaling an upward continuation towards the mentioned 1.4400 region, whilst a break beyond this last can trigger stops and fuel the rally up to 1.4460.
Below 1.4280 on the other hand, the pair can extend its decline, with the next supports at 1.4240 and 1.4200.
View the live chart of the GBP/USD
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