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GBPUSD Trades Below 1.49, Outlook Stays Bearish

Technical Bias: Bearish

  • GBPUSD advanced to 1.4891 amid weak US economic data.
  • Technical picture suggests downward momentum, with 1.48 level back in play.
  • GBPUSD Key Supports: 1.4800, 1.4749, 1.4656.

The GBPUSD rallied on Wednesday to trade just below 1.49, although the technical picture suggests a downward reversal with the 1.48 level coming back into play.

The GBPUSD climbed to a session high of 1.4955. It would subsequently consolidate at 1.4891, advancing 0.3 percent. Initial support is likely found at 1.4800. To the upside, a break above 1.4944 would lead past the 1.50 level.

 

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The British pound has built some momentum following last Wednesday’s Federal Open Market Committee policy announcement. However, the advance has been limited, as the pair has been unable to close above 1.4890 over the past week. This comes despite a broad weakening of the US dollar across the board.

Price action is expected on Thursday, as the UK Office for National Statistics reports on February retail sales.

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