GBP/USD hits fresh lows for the day

Ani Salama FXStreet

GBP/USD has seen some weakness on Thursday and turned lower after reaching fresh 3-week highs during the European session, with disappointing UK readings weighing.

GBP/USD climbed to its highest level since early May at 1.4738, but faltered ahead of monthly highs and turned intraday negative, dropping more than 100 pips to a low of 1.4639 so far. At time of writing, the pair is trading at 1.4647, down 0.32% on the day.

Uncertainty over the upcoming EU membership referendum has kept investors wary and the pound on the defensive, although with most polls favoring the remain vote, the British currency has managed to stage a nice comeback over the last weeks.

GBP/USD technical levels

As for technical levels, next supports are seen at 1.4600 (psychological level/May 25 low), 1.4515 (21-day SMA) and 1.4472 (May 24 low). On the other hand, resistances line up at 1.4738 (May 26 high), 1.4778 (200-day SMA) and 1.4800 (psychological level).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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