The GBP/USD is seeing choppy action in Thursday's pre-London market session, bouncing between 1.2770 and 1.2790, with thin liquidity on the cards as GBP traders await further developments on Brexit.
Concerns about Brexit and a bout of dollar buying mid-US afternoon sent the pair to a fresh weekly low of 1.2763 with the pair trading nearby by the end of the US session. The short-term picture for the pair offers a neutral-to-bearish stance as, in the 4 hours chart, the pair was unable to advance beyond a mild bearish 20 SMA, while technical indicators remain within negative ground, lacking directional strength. The key support is now 1.2723, the low set this month, with a break below it opening doors for a re-test of the yearly low of 1.2661.
Support levels: 1.2765 1.2725 1.2680
Resistance levels: 1.2810 1.2845 1.2890
Concerns about Brexit and a bout of dollar buying mid-US afternoon sent the pair to a fresh weekly low of 1.2763 with the pair trading nearby by the end of the US session. The short-term picture for the pair offers a neutral-to-bearish stance as, in the 4 hours chart, the pair was unable to advance beyond a mild bearish 20 SMA, while technical indicators remain within negative ground, lacking directional strength. The key support is now 1.2723, the low set this month, with a break below it opening doors for a re-test of the yearly low of 1.2661.
Support levels: 1.2765 1.2725 1.2680
Resistance levels: 1.2810 1.2845 1.2890