GBP/USD: Bulls face exhaustion, recedes to 1.4665

The bulls take a breather from the upward spike seen in early Asia, sending GBP/USD sharply lower below 1.47 handle as USD selling appears to have stalled over the last hours.

GBP/USD sold-off near 200-DMA art 1.4729

Currently, GBP/USD trades 0.18% higher at 1.4667, retreating sharply from daily highs reached at 1.4724. The cable jolted higher this Tuesday after the latest ORB poll on EU referendum showed that Remain votes at 51%, while an exit vote stood at 46%. However, the aggressive move quickly faded somewhat in response to the recovery in the greenback across the board, as markets prefer to hold the US currency heading into a spate of US macro dataflow.

Although the major finds support from a better risk tone prevalent in the markets amid higher Asian indices and stabilizing oil prices. Looking ahead, the prices are likely to track the broader market sentiment in absence of any data from the UK data, while the US economic news will be closely eyed for further USD moves.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4700 (Round number), above which 1.4724/29 (Daily high/ 200-DMA) would be tested. On the flip side, support is seen at 1.4644 (5-DMA) below that at 1.4528 (20-DMA).