GBP/USD analysis: short-term bearish ahead of GDP´s revision
|GBP/USD Current price: 1.2948
The GBP/USD pair fell to a weekly low of 1.2926 during US trading hours, with little else but a dollar's bounce. There were no macroeconomic news coming from the UK, and US one was far from encouraging, but the pair eased anyway as continued improvement in market's sentiment backed the greenback, although the American currency eased modestly after the release of FOMC Minutes. This Thursday, the UK will release the second estimate of Q1 GDP, expected to remain unchanged at 0.3%, alongside with total business investment for the same period. Down for a third day in a row, the longer term upward momentum keeps fading, but there's a long road ahead before confirming an u-turn, as the pair would need to break below the 1.2760/70 region, to confirm so. Short term, however, the pair is expected to extend to its decline, given that in the 4 hours chart, the price is below a bearish 20 SMA, whilst technical indicators have extended their declines within negative territory, down to fresh weekly lows.
Support levels: 1.2950 1.2910 1.2880
Resistance levels: 1.3025 1.3060 1.3100
View Live Chart for the GBP/USD
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