GBP/USD retreats to 1.4185, down 0.05% intraday, amid Monday’s Asian session. In doing so, the cable respects a downward sloping trend line from Thursday amid sluggish MACD signals. That said, the pair drops towards a convergence of 100 and 200-HMA around 1.4160 but the following declines will be tested by a two-day-long support line, near 1.4150.
The GBP/USD pair advanced for a fourth consecutive week to settle at 1.4190, not far from its monthly high at 1.4233. The pair fell through the first half of the day, recovering after the release of upbeat economic data that spurred risk appetite. The pair swung on the back of the dollar’s strength/weakness, as the case for a bullish pound was cooled by concerns about the Indian coronavirus variant.
