The GBP/USD pair advanced modestly after the London opening, spiking up to 1.4617, but is still unable to firmly settle above the 1.4600 mark, and once again retreated. The dollar is generally lower across the board, as BOJ's inaction during Asian trading hours, fueled demand of the JPY, and put the USD under selling pressure.
In the UK, the Nationwide Housing Prices rose in April 0.2%, below expectations of a 0.5%, and previous 0.8%, but the news should not be consider negative, as house prices have rose way too much in a depressed economy during at least the past two years, becoming back then a risk. Anyway, market is waiting for the US advanced GDP release now, to be published alongside with Wall Street opening. Expectations are of a 0.7% growth during the first three months of the year, and a reading below that can fueled the GBP/USD pair towards fresh highs beyond 1.4640.
From a technical point of view, the 4 hours chart shows that the price has managed to bounce from a bullish 20 SMA tested earlier today, and currently at 1.4535. The technical indicators hold above their mid-lines but lack directional strength, reflecting the absence of volume in the ongoing session.
Above the mentioned 1.4640, the pair can rally up to the 1.4680/1.4700 region, whilst some steady gains beyond this last expose the 1.4770 price zone for the upcoming sessions. Declines towards the 1.4530/40 region should be seen as buying opportunities, with the next intraday low and a line in the sand for today, at 1.4290.
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