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20 Apr 2015
GBP/USD struggles around 1.4900
FXStreet (Córdoba) - GBP/USD came under pressure on Monday and slipped below the 1.4900 level toward fresh daily lows at the beginning of the American session.
Cable bottomed out at 1.4887 dragged down by a stronger US dollar to start the week, but the pound managed to find support and quickly regained the psychological level. At time of writing, the pair is trading at the 1.4910 zone, still 0.29% down on the day.
Despite last week's recovery that sent GBP/USD to the 1.5050 area, the pound remains vulnerable as UK faces close and unpredictable general elections on May 7.
GBP/USD technical view
“With GBP seen weak and vulnerable on the back of its rejection candle print on Friday, more decline cannot ruled out”, said Mohammed Isah, analyst at FXTechstrategy. “On the downside, support lies at the 1.4850 level where a break if seen will aim at the 1.4800 level. A break of here will turn attention to the 1.4700 level … On the whole, GBP remains vulnerable below the 1.5052 level”.
Cable bottomed out at 1.4887 dragged down by a stronger US dollar to start the week, but the pound managed to find support and quickly regained the psychological level. At time of writing, the pair is trading at the 1.4910 zone, still 0.29% down on the day.
Despite last week's recovery that sent GBP/USD to the 1.5050 area, the pound remains vulnerable as UK faces close and unpredictable general elections on May 7.
GBP/USD technical view
“With GBP seen weak and vulnerable on the back of its rejection candle print on Friday, more decline cannot ruled out”, said Mohammed Isah, analyst at FXTechstrategy. “On the downside, support lies at the 1.4850 level where a break if seen will aim at the 1.4800 level. A break of here will turn attention to the 1.4700 level … On the whole, GBP remains vulnerable below the 1.5052 level”.