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GBP/USD Continues To Trade Within Familiar Levels And Near The Year's High

·1 min read
  • UK PM Boris Johnson reiterated they are on track to fully reopen on June 21.

  • UK money-related figures were mixed in April, Mortgage Approvals surged.

  • GBP/USD continues to trade within familiar levels and near the year’s high.

The GBP/USD pair fell to 1.4111, its lowest for the week, now trading around 1.4170 as demand for the dollar receded during US trading hours. It is notable that once again, the pair depended solely on whether investors decide to buy or sell the greenback. UK news were mixed, as data was soft, but Prime Minister Boris Johnson remains optimistic about reopening the economy, affirming that the UK is on track to fully reopen on June 21.

The UK published April Mortgage Approvals, which rose 86.9K, beating expectations, although Consumer Credit in the same month was worse than anticipated, printing at £-0.377 billion. On Thursday, Markit will release the UK Services PMI, expected to be confirmed at 61.8 in May.

GBP/USD Short-Term Technical Outlook

The GBP/USD pair is neutral-to-bearish in the near-term. The 4-hour chart shows that it kept developing below a flat 20 SMA while above the 100 SMA, which also lacks directional strength. Technical indicators are stuck around their midlines, turning marginally lower, suggesting decreasing buying interest instead of hinting at an upcoming slide. Renewed selling pressure below the mentioned daily low should see the pair approaching the 1.4000 threshold.

Support levels: 1.4110 1.4070 1.4020

Resistance levels: 1.4190 1.4235 1.4285

Image Sourced from Pixabay

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