GBP/USD Clings to 1.4400

GBP/USD Clings to 1.4400

9 May 2016, 18:29
Roberto Jacobs

GBP/USD Clings to 1.4400

GBP/USD has entered a consolidation phase over the last hours, having spent most of the day in a range around the 1.44 mark.

GBP/USD slid to a fresh 2-week low of 1.4373 during the European session but found support and erased intraday losses. However, the upside was capped by the 1.4480 area as uncertainty over the upcoming UK referendum keeps the pound under pressure. At time of writing, GBP/USD was trading at 1.4405, just a few pips below its opening price.

GBP/USD levels to consider

In terms of technical levels, next supports are seen at 1.4373 (May 9 low/100-day SMA), 1.4313/07 (Apr 22 low/50-day SMA) and 1.4270 (Apr 19 low). On the upside, immediate resistances could be found at 1.4478 (May 9 high), 1.4528 (May 5 high), 1.4570 (May 4 high) and not much until 1.4695 (May 2 high).


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