GBP/USD analysis: consolidating at 4-month lows

Valeria Bednarik FXStreet

GBP/USD Current price: 1.3566

UK holiday kept trading around the Pound limited.
Brexit has the potential of affecting negatively the Sterling these days.

Trading around the GBP/USD pair was quite uneventfully during the first day of the week amid a holiday in London and the absence of macroeconomic headlines coming from major economies. Brexit has returned to the back front in terms of relevance for Pound's direction, with the latest news indicating that UK PM May can't find consensus within her own cabinet about a future trade deal, exacerbating the negative momentum triggered by a batch of disappointing macroeconomic data. This Thursday will be critical, as not only the BOE will announce its latest monetary policy decision, but will also unveil Industrial and Manufacturing Production data for March. In the meantime, the pair is short-term neutral, although consolidating at a 4-month low, with the upside potential well-limited according to technical readings in the 4 hours chart as the pair hovers around a bearish 20 SMA, while technical indicators have managed to regain some ground, the Momentum still heading north around its mid-line, but the RSI already losing its poise and turning south around 43. The pair bottomed last Friday at 1.3485, still the level to break to confirm an extension of the dominant bearish trend.

Support levels: 1.3510 1.3485 1.3450

Resistance levels: 1.3610 1.3645 1.3690

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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