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).
