The GBP/USD trades lower in rage, having set a daily low at 1.4796 so far today. There are no fundamental news coming from the UK today, with market's attention focused in the US GDP figures and the Michigan consumer sentiment index, to be released later on the day.
Technically, the pair maintains a bearish bias, as the 4 hours chart shows that the price stands well below a bearish 20 SMA, currently around 1.4870, whilst the Momentum indicator retraces from the 100 level and heads south and the RSI indicator hovers directionless around 42. The pair however, will likely consolidate ahead of the news, with a price acceleration below the 1.4785 level favoring additional declines towards the 1.4730 price zone in the short term. The upside seems more limited, with some follow through above the mentioned 1.4870 level required to confirm another leg higher towards the 1.4920/40 price zone.
View Live Chart for GBP/USD
Technically, the pair maintains a bearish bias, as the 4 hours chart shows that the price stands well below a bearish 20 SMA, currently around 1.4870, whilst the Momentum indicator retraces from the 100 level and heads south and the RSI indicator hovers directionless around 42. The pair however, will likely consolidate ahead of the news, with a price acceleration below the 1.4785 level favoring additional declines towards the 1.4730 price zone in the short term. The upside seems more limited, with some follow through above the mentioned 1.4870 level required to confirm another leg higher towards the 1.4920/40 price zone.
View Live Chart for GBP/USD
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