GBP/USD: upward momentum keeps fading

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2963

The GBP/USD pair trades uneventfully at the lower end of its weekly range, with no headlines coming from the UK keeping trades unmotivated, alongside with major events taking place somewhere else. The pair, however, has lost the upward strength seen after PM Theresa May called for elections on June after reaching the 1.3000 critical price zone. Broad dollar's weakness, on the other hand, is preventing it from falling further. The technical bias is neutral-to-bearish, given that in the 4 hours chart, the pair is developing below a horizontal 20 SMA, whilst technical indicators head nowhere within negative territory. Short term, 1.2950 is the immediate support, although only below 1.2830, the base of its latest week's range will confirm a steadier decline, a quite unlikely scenario before June 8th. Advances beyond 1.3000 will likely seen as selling opportunities, although a break above 1.3060 should trigger some stops and result in further gains up to the 1.3120 region.

Support levels: 1.2950 1.2915 1.2880

Resistance levels: 1.3020 1.3060 1.3110

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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