GBP/USD snaps four-day losing streak

The GBP/USD pair snapped a four-day losing streak in Asia amid oil-led risk-on action in the markets.

The pair ticked higher from the session low of 1.2570 but failed to chew trough offers around 1.26 handle.

The British Chamber of Commerce (BCC) lifted 2017 GDP forecast to 1.1% from the previous figure of 1.0%. Meanwhile, 2018 GDP forecast was revised lower to 1.4%.

However, the markets did not take note of the BCC forecasts and remain at the mercy of the oil price action, given the empty economic calendar across the globe.

GBP/USD Technical Levels

The spot was last seen trading around 1.2580 levels. A break above 1.26 (psychological level + hourly 50-MA) would expose the hourly 200-MA level and hourly 100-MA level of 1.2617 and 1.2636 respectively. A violation there could yield re-test of 1.2704 (hourly chart hurdle).

On the lower side, breach of Asian session low of 1.2570 would expose support at 1.2548 (Aug 12 low), under which the losses could be extended to 1.25 (zero figure).