TenkoFX - Analytics

    TenkoFX

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    GBP/USD Current price: 14439

    The Pound kept falling, down to 1.4423 so far today against the greenback, weighed by renewed fears of a Brexit triggered by fresh polls late Tuesday. Data was mixed today in the UK, with Mortgage Approvals contracting to 66.25K from previous 71.36K, missing expectations in April, ad May Markit Manufacturing PMI suffering a tepid upward revision, up to 50.1 from the flash estimate of 49.2. The technical outlook for the GBP/USD pair is bearish, as in the 1 hour chart, the price is well below a bearish 20 SMA, currently around 1.4470, whilst the technical indicators have corrected oversold readings before turning back south, leaving doors opened for further declines. In the 4 hours chart, approaches to the 200 EMA attracted selling interest in the 1.4490/1.4500 region, while the technical indicators extended their declines within bearish territory,  supporting also a continued slide, particularly on a break below 1.4400.

    Support levels: 1.4400 1.4360 1.4320

    Resistance levels: 1.4470 1.4515 1.4550

     


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