GBP/USD Continues to Give Up Last Week’s Gains

GBP/USD Continues to Give Up Last Week’s Gains

23 May 2016, 18:53
Roberto Jacobs
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GBP/USD Continues to Give Up Last Week’s Gains

GBP/USD fell further and made marginal new lows for the day during the American session with the dollar outperforming most peers.

GBP/USD edged higher during the European session but the upside was capped by the 1.4550 zone, shifting focus to the downside. The pair lost nearly a hundred pips from highs and bottomed out at 1.4441 in recent dealings. At time of writing, GBP/USD was trading at 1.4470, still 0.25% down on the day.

Cable has retraced most of its last week’s gains over the last trading days as jitters ahead of the EU referendum keep the pound on the defensive, while a hawkish stance from the Fed has underpinned the dollar.

GBP/USD technical levels

As for technical levels, next supports are seen at 1.4395 (May 17 low), 1.4360 (50-day SMA) and 1.4335 (100-day SMA). On the other hand, resistances could be found at 1.4548 (May 23 high), 1.4619 (May 20 high) and then 1.4662 (May 19 high).


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