GBP/USD Is Technically Bearish And Could Lose The 1.3700 Threshold
GBP/USD Current price: 1.3777
- The UK will publish growth and production figures on Friday.
- Sterling under mild pressure amid a dismal market’s mood.
- GBP/USD is technically bearish and could lose the 1.3700 threshold.
The British Pound remained under pressure, with GBP/USD ending Thursday with modest losses around 1.3770. The pair was confined to a tight intraday range amid a dismal market mood combined with decreased demand for the greenback. Data wise, the UK published the RICS Housing Price Balance, which improved in June to 83%, beating the market’s expectations.
On Friday, the UK will publish May Industrial Production and Manufacturing Production and the Trade Balance for the same month. The country will also publish the NIESR GDP Estimate for the three months to June, foreseen at 2.6% from 3.8% previously. The monthly May Gross Domestic Product is foreseen at 1.7%.
GBP/USD short-term technical outlook
The GBP/USD pair posted a fourth consecutive lower low, a sign of bears’ dominance. From a technical point of view, bears retain control. The 4-hour chart shows that the pair keeps developing below bearish moving averages, as technical indicators head nowhere within negative levels. Chances of a recovery dilute as time goes by, and further slides are to be expected unless UK macroeconomic figures surprise to the upside.
Support levels: 1.3740 1.3685 1.3630
Resistance levels: 1.3800 1.3840 1.3890
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