Pound slips to start European morning trade – ForexLive

GBP/USD dragged down to a low of 1.3732

GBP/USD H1 16-04

While the dollar is holding mildly firmer, the decline here owes more to fall in pound sentiment as EUR/GBP is notably taking a run at trying to get above the 0.8700 level.

Invest in yourself. See our forex education hub.

EUR/GBP H1 16-04

That is weighing on the pound as cable falls to a fresh session low of 1.3732 with sellers now in near-term control of the pair after breaking below both the confluence region of the key hourly moving averages @ 1.3760-67.

Key support for cable is still seen closer to 1.3700 with the 100-day moving average seen nearby @ 1.3697 currently and that remains a key technical level to watch.

As for EUR/GBP, a firm break above 0.8700 will bode well for buyers (pound sellers) but there is still some resistance from the 26 February high @ 0.8731 to reckon with.

Leave a Reply

Your email address will not be published. Required fields are marked *