GBP/USD analysis: flat for the day on softer dollar's demand

Valeria Bednarik FXStreet

GBP/USD Current price: 1.3515

Despite multiple intraday attempts, the Pound was unable to regain its bullish tone, ending the day anyway unchanged around 1.3500, after also nearing Monday's low of 1.3464 a couple of times. An empty UK macroeconomic calendar maintained uncertainty high around the pair, as the market ends digesting latest Carney's words on monetary policy, trying to cold down speculative interest, as on Monday, he said that rates hikes will be gradual and limited. The UK will release its August retail sales figures for August this Wednesday, expected slightly below July's readings. There won't be more relevant figures coming from the UK this week. Technically, the pair is at risk of extending its decline, as after moving back and forth, it settled around the 23.6% retracement of its latest bullish run, at 1.3505, but below a still bullish 20 SMA, according to the 4 hours chart. Technical indicators in the mentioned time frame have extended their declines, with the Momentum further accelerating below its mid-line, but the RSI currently at 55. Should the pair break below 1.3440, the 38.2% retracement of the mentioned rally, bulls will probably keep pulling back, resulting in another day of downward moves.

Support levels: 1.3440 1.3410 1.3380

Resistance levels: 1.3530 1.3560 1.3595

View Live Chart for the GBP/USD

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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