Why The Greenback Set For A Comeback, Sterling To Surrender

All in all, even if sterling finds reasons to rise, a return of dollar strength could push cable down.

GBP/USD Technical Analysis

Pound/dollar continues suffering from downside momentum on the four-hour chart and is also trading below the 50, 100, and 200 Simple Moving Averages. However, the Relative Strength Index is near 30 – flirting with oversold conditions (FXB, UDN).

Support awaits at the March low of 1.3675, followed by 1.3610, a resistance line from early February. Further down, 1.3565 is a critical cushion.

Initial resistance is at the daily high of 1.3720, followed by 1.3740. The broken double-bottom of 1.3775 is a strong cap.

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