TenkoFX - Analytics


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    GBP/USD Current price: 1.4582


    The GBP/USD pair consolidates its weekly gains right below the 1.4600 level, with the Pound having found some demand after the release of the UK Q1 GDP figures. The kingdom grew 0.4% during the first three months of the year as expected, while the year-on-year reading came in at 2.1%, above expectations of a 2.0% advance. Nevertheless, investors have took a step aside ahead of the upcoming Central Banks' events, and the pair was unable to extend beyond the 2-month high posted earlier this week at 1.4637. Technically, the short term picture is neutral, as in the 1 hour chart, the price is hovering around a horizontal 20 SMA, whilst the technical indicators have turned slightly lower within neutral territory. In the 4 hours chart, the technical indicators lack directional strength but remain well into positive territory, whilst the 20 SMA heads sharply higher, now around 1.4505, suggesting buying interest is still strong around the Sterling.

    Support levels: 1.4550 1.4505 1.4470 

    Resistance levels: 1.4610 1.4660 1.4700


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