Pound was unaffected by the release of inflation data in the United Kingdom that came mostly in line with expectations. The currency remains weak across the board while GBP/USD dominant trend continues to point to the downside, but some support in the short time could favor consolidation ahead of tomorrow’s FED minutes.
The pair had been consolidating around 1.5650 during the last hours, with the 4-hour chart showing no signs of a bullish correction yet. Price holds below 20-SMA and the 55-SMA. The 20-SMA is offering resistance in the short term at 1.5675, a consolidation above could favor another move to the upside as Momentum would have risen above 100. Above 1.5700 the next resistance lies at 1.5735/40 and then 1.5790.
Price has risen above the hourly 20-SMA that offers dynamic support around 1.5640, a consolidation significantly below could signal a test to 1.5600; this year low at 1.5589 comes as next support, and below here the decline could extend toward 1.5560.
View Live Chart for GBP/USD
The pair had been consolidating around 1.5650 during the last hours, with the 4-hour chart showing no signs of a bullish correction yet. Price holds below 20-SMA and the 55-SMA. The 20-SMA is offering resistance in the short term at 1.5675, a consolidation above could favor another move to the upside as Momentum would have risen above 100. Above 1.5700 the next resistance lies at 1.5735/40 and then 1.5790.
Price has risen above the hourly 20-SMA that offers dynamic support around 1.5640, a consolidation significantly below could signal a test to 1.5600; this year low at 1.5589 comes as next support, and below here the decline could extend toward 1.5560.
View Live Chart for GBP/USD
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