GBP/USD Finds Resistance Ahead of 1.4500
GBP/USD rose more than 100 pips throughout the day and reached a 5-day high, but lost momentum a few pips ahead of the 1.45 mark.
GBP/USD peaked at 1.4487, its highest level this week but stalled ahead of the 1.4500 level and the 10-day SMA (1.4512), which stands at the next resistance area.
The dollar underperforming and deteriorated sentiment have been the themes on Wednesday as Cable investors’ attention turns to BoE policy decision on Thursday.
GBP/USD levels to consider
As for technical levels, immediate resistances line up at 1.4512 (10-day SMA) and 1.4570 (May 4 high). On the flip side, supports could be faced at 1.4363 (100-day SMA), 1.4325 (50-day SMA) and 1.4270 (Apr 19 low).