The GBP/USD pair is bouncing modestly from a fresh weekly low of 1.4093. There was no clear catalyst behind this latest Pound decline, a clear sign of the negative sentiment towards the currency.
Ahead of the release of the FOMC Minutes, the 4 hours chart shows that the 20 SMA has extended its decline below the 200 EMA, whilst the Momentum indicator has retreated from its mid-line, while the RSI heads south near oversold levels, supporting a continued decline towards the 1.4050 level, a major static support for most of past March. A break below this last, should see the pair extending its decline down to the 1.4000 figure, while further slides can see the pair returning to the 1.3830 region, February lows.
Advances up to 1.4160/70, the immediate resistance area, will likely be seen as selling opportunities, as it will take a firm recovery above 1.4200 to revert the ongoing bearish tone an see the pair extending up to 1.4250/60.
View the live chart of the GBP/USD
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