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GBP/USD limited into close of London and think markets - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the GBP/USD pair lost the hard earned ground on Wednesday, as after posting an 11 day high of 1.5825 with the European opening felt back below the 1.5740 level where it stands.

"There was no catalyst coming from the UK and the calendar will also be light on Friday, with just a minor housing reading scheduled; for the most, it was dollar demand which pushed the pair back lower, based on both, Draghi and OPEC".

"Technically, the 1 hour chart shows price developing below a strongly bearish 20 SMA, while indicators stand well into negative territory, losing early downward momentum".

"In the 4 hours chart price rest above a mild bullish 20 SMA while indicators aim to recover above their midlines, all of which keeps the downside limited at least for now".

"A break below 1.5700 will likely trigger further declines towards 1.5660 while at this point, price needs to extend beyond 1.5825 high to reaffirm a positive tone, something pretty unlikely for this Friday".

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