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).