GBP/USD: pressuring 1.3500, bearish

Valeria Bednarik FXStreet

GBP/USD Current price: 1.3502

UK House prices rose less-than-expected in the three months to April.
Crude oil prices could affect the Pound today, as it's all about Trump and the Iranian nuclear deal.

The GBP/USD pair pressures the 1.3500 figure after peaking for the day at 1.3592, with the Pound weaker amid another disappointing UK figure, and the dollar strengthening again. The UK Halifax House Price report showed that prices in the three months to April were 2.2% higher than in the same period a year earlier, down from the previous 2.7% annual growth, according to the official release. Monthly basis, prices fell by 3.1% in April, largely surpassing the expected 0.2% decline. Lower oil prices are adding to Pound's bearish extend, although affecting it to a lesser extent than that on the CAD or the AUD. Trump's decision on the Iranian nuclear deal, is the most relevant event of the day, although the US will also release a couple of optimism indexes in the way.

The 4 hours chart shows that the pair is below a bearish 20 SMA after a short-lived attempt to regain ground above it, while technical indicators resumed their declines within negative territory. Struggling with 1.3500, the pair is on a brink of breaking the multi-month low posted post-Nonfarm Payrolls at 1.3485. July's monthly low comes at 1.3481, making of the area the immediate support, with a break below it supporting a downward extension toward the 1.3410 price zone, should dollar's demand persists.

Support levels: 1.3480 1.3445 1.3410

Resistance levels: 1.3550 1.3590 1.3625

View Live Chart for the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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