Major European currencies trade within limited ranges against the greenback ever since the day started, and the GBP/USD pair is no exception. The pair trades flat around the 1.4140/60 region, with the Pound being weighed by Brexit fears, as the latest polls show a tie between those voting to stay and those voting to leave.
But mostly, it was a dollar week, as bears took a step back. The greenback corrected higher against most of its major rivals, with the exception of commodity related ones that recovered alongside with oil. The movement, however, is far from confirming the American currency is back, as it has a long way to go, before it can regain a bullish tone. In the meantime there´s no macroeconomic data scheduled in the UK for this Friday, but the US will release some industrial orders figures that can boost the weekly rally of the USD.
The 4 hours chart for the GBP/USD pair favors the downside, as the price is well below a bearish 20 SMA, whilst the technical indicators have turned south within negative territory. The daily low stands at 1.4130, and a break below it could lead to a decline down to 1.4090 first, and 1.4050 later on the day.
Above 1.4200 on the other hand, the pair can recover up to the 1.4250 price zone, but further advances, particularly an approach to the 1.4300 level, will likely attract selling interest and send the pair back lower.
View the live chart of the GBP/USD
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