GBP/USD: flat on the absence of UK headlines

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2822

View Live Chart for the GBP/USD

The GBP/USD pair trades uneventfully above the 1.2800 level, hardly affected by broad dollar's demand. With no major macroeconomic events scheduled in the UK and the US, the pair holds in range, as the Pound is reluctant to give up to dollar's gains on sentiment. From a technical point of view, the 4 hours chart shows that the downside potential is well limited, as the pair is trading around the 23.6% retracement of its latest rally and above a horizontal 20 SMA, whilst technical indicators head nowhere, but within positive territory. Selling interest is aligned, however, around 1.2845, and it would take a clear break above it to confirm a rally up to 1.2903, April 18th high. Towards the downside, only below 1.2756, the low set last week and the 38.2% retracement of the same advance, the pair can gain bearish traction.

Support levels: 1.2800 1.2756 1.2710

Resistance levels: 1.2850 1.2900 1.2940

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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