GBP/USD Consolidates Near 10-Day Lows

GBP/USD Consolidates Near 10-Day Lows

5 May 2016, 20:03
Roberto Jacobs

GBP/USD Consolidates Near 10-Day Lows

GBP/USD has spent the last hours in a narrow range, unable to set short-term direction, after hitting 10-day lows amid broad USD strength and disappointing UK data released during the European session.

GBP/USD bottomed out at 1.1442 during the European trade, but managed to recover some ground afterwards. However, with the upside capped by the 1.4530 zone, Cable was confined to a sideways phase. At time of writing, GBP/USD is trading at 1.4479, just 0.1% below its opening price.

GBP/USD technical levels

In terms of technical levels, next supports are seen at 1.4442 (May 5 low), 1.4382 (100-day SMA) and 1.4313 (Apr 22 low). On the upside, immediate resistances could be found at 1.4528 (May 5 high), 1.4570 (May 4 high) and not much until 1.4695 (May 2 high).


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