GBP/USD hovers above 1.4200

GBP/USD has edged slightly lower on Wednesday but overall continues to trade within its weekly range, unable to set short-term direction in the absence of fundamental triggers.

GBP/USD has continued to retreat from yesterday’s peak of 1.4195, but the downside has been contained by the 1.4190 level, confining the pair to rangebound trading. At time of writing, the pair is trading at 1.4217, 0.39% below its opening price.

GBP/USD technical levels

In terms of technical levels, immediate resistances could be found at 1.4370 (Apr 1 high), 1.4458 (Mar 30 high) and 1.4486 (100-day SMA). On the flip side, supports are seen at 1.4195/92 (Apr 12 & 13 lows), 1.4105/00 (Apr 11 low/psychological level), 1.4040 (Apr 8 low) and 1.4004 (Apr 4 low).