GBP/USD slides to 1.4650, upside seems capped at 1.4700 handle

The GBP/USD pair turned its head back into negative territory to currently trade at session low level of 1.4650 as bullish traders now seems to unwind their near-term bullish GBP bets and take some profit off the table ahead of weekend.

With less than four weeks remaining for the much talked about EU referendum vote, trading around the GBP/USD pair would continue to be impacted by the 'Brexit' outcome expectations and its implication on the UK economy. Meanwhile, short-term traders are likely to take cues from the revised US Q1 GDP release, slated during NA session.

From technical perspective, failure to extend its bullish momentum towards the very important 200-day SMA and a follow through profit taking move clearly points to continuation of the pair's near-term corrective move.

Technical levels to watch

On a sustained trade below 1.4650 level, the pair seems to continue drifting lower to test its next major support near 1.4610-1.4600 round figure mark. Although, weakness below 1.4600 could get extended, it is likely to be limited at 20-day SMA support near 1.4520 region.

On the upside, 1.4700 handle might continue to act as immediate resistance. This is followed by over 3-week high level of 1.4740, touched on Thursday, beyond which the pair seems all set to extend its bullish trajectory towards testing its next major resistance near 1.4770-75 confluence region, comprising of the very important 200-day SMA and over 4-month high touched in the beginning of this month.