GBP/USD Holds Above 1.4500

GBP/USD Holds Above 1.4500

20 May 2016, 19:10
Roberto Jacobs
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GBP/USD Holds Above 1.4500

GBP/USD extended its downward correction during the New York session, sliding to its lowest level in two days before the 20-day SMA offered support.

Trading has been rather quiet on Friday in the absence of first-tier data, with the dollar among the best performers across the board. GBP/USD was dragged down to 1.4503 by a strong dollar and amid some profit taking following four days of gains for the pound. At time of writing, Cable was trading at 1.4515, down 0.64% on the day, but still up 0.69% over the week.

GBP/USD levels to watch

As for technical levels, next supports are seen at 1.4505 (20-day SMA), 1.4476 (200-hour SMA) and 1.4395 (May 17 low). On the other hand, resistances could be found at 1.4662 (May 19 high), 1.4695 (May 2 high) and 1.4768 (May 3 high).


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