GBP/USD: the battle of the " less weak"

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2874

The GBP/USD pair trades uneventfully around 1.2875, amid the absence of macroeconomic data and both currencies weakened by their central banks. Early London, the Pound attempted a shy recovery, but the pair reverted from 1.2915, having met selling interest around it for the last three days. Risk aversion has eased partially, but is still the main market motor for this Friday, so much of what's next will depend on Wall Street's behavior. Technically, the pair presents a neutral stance in the short term, as in the 4 hours chart, the price is retreating around a bearish 20 SMA, whilst technical indicators head nowhere around their mid-lines. The weekly low was set at 1.2840, the level to break to favor a new leg lower, whilst above 1.2920, the pair can extend up to 1.2965, where selling interest will likely contain the rally.

Support levels: 1.2840 1.2795 1.2760

Resistance levels: 1.2920 1.2965 1.2990

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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