FXStreet (Barcelona) – Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook and key levels for GBP/USD.
Key Quotes
“The GBP/USD pair traded as low as 1.5271 despite the British trade deficit shrunk in April beyond expected, down to £1,202 billion compared to March deficit of £3,093 according to official data. Nevertheless, the pair bounced sharply higher, finding support in a recovery in oil, as WTI crude futures regained the $ 59 a barrel level ahead of the US opening.”
“Technically, the 1 hour chart shows that the price retraced from its 20 SMA, currently offering a dynamic resistance in the 1.5330 region, whilst the technical indicators present tepid bearish slopes below their mid-lines.”
“In the 4 hours chart, the price is also below its moving averages, with the 20 SMA gaining bearish slope, and the technical indicators holding neutral around their mid-lines.”
“Support levels: 1.5260 1.5225 1.5190“
“Resistance levels: 1.5330 1.5365 1.5400”
(Market News Provided by FXstreet)