GBP/USD: no love for Pound

GBP/USD Current price: 1.2978

The British Pound is proving its condition of the weakest currency of the FX board after the USD, unable to regain the 1.3000 in spite of US negative news. Soft inflation figures for a fifth consecutive month in the world's largest economy triggered a short-lived advance in the GBP/USD pair that anyway stalled and reverted at 1.3008. The bearish potential remains intact according to the 4 hours chart, as the pair retreated by the pip from its 200 EMA, now below a bearish 20 SMA, while technical indicators remain within bearish territory, although with no clear directional strength. Having bottomed for the week at 1.2950, a break below the level should favor a new leg lower, with the next intraday supports come at 1.2920 and 1.2870. It would take an advance beyond 1.3020 to change the ongoing bearish bias, something quite unlikely for today as said on previous updates.

Support levels: 1.2950 1.2910 1.2870

Resistance levels: 1.3020 1.3060 1.3090

View Live Chart for the GBP/USD

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