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).
