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4 May 2015
GBP/USD erases daily losses
FXStreet (Córdoba) - The British pound managed to bounce from daily lows and erased intraday losses at the beginning of the American session to trade nearly flat on the day against the dollar.
The greenback lost momentum and retreated across the board, helping GBP/USD to bounce from a low of 1.5089 to 1.5148. At time of writing, the pair is trading at 1.5140, virtually unchanged on the day.
However, sterling investors might remain cautious ahead of Thursday’s UK general elections as polls continue to paint a hung parliament outcome.
GBP/USD technical outlook
“The technical picture continues to favor the downside, despite in the 1 hour chart, the RSI aims higher from oversold territory, as the price stands below its 20 SMA whilst the Momentum indicator heads lower 100”, commented Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the 20 SMA turned sharply lower well above the current level, whilst the technical indicators are fading its latest upward corrective movement near oversold territory”.
The greenback lost momentum and retreated across the board, helping GBP/USD to bounce from a low of 1.5089 to 1.5148. At time of writing, the pair is trading at 1.5140, virtually unchanged on the day.
However, sterling investors might remain cautious ahead of Thursday’s UK general elections as polls continue to paint a hung parliament outcome.
GBP/USD technical outlook
“The technical picture continues to favor the downside, despite in the 1 hour chart, the RSI aims higher from oversold territory, as the price stands below its 20 SMA whilst the Momentum indicator heads lower 100”, commented Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the 20 SMA turned sharply lower well above the current level, whilst the technical indicators are fading its latest upward corrective movement near oversold territory”.