GBP/USD Price Forecast: Fails to hold above 20-day EMA
The GBP/USD pair trades cautiously near Tuesday’s low around 1.3450 in the early European trade on Wednesday. The Cable is under pressure as investors turn cautious regarding the longevity of the ceasefire between the United States (US) and Iran, following Washington’s attacks on southern Iran.
On Tuesday, Iran condemned US attacks on Iranian boats and its missile-launching strikes, which were described as “defensive” moves by the US Central Command. The same day, Iran’s Islamic Revolutionary Guard Corps (IRGC) also reported that it identified a hostile aircraft entering its airspace and intercepted an MQ-9 drone.
Meanwhile, comments from US Secretary of State Marco Rubio that the deal finalization with Iran may take a few days have also dashed hopes of an early breakthrough in US-Iran negotiations.
In addition to geopolitical tensions, declining UK gilt yields due to eased hopes of a near-term interest rate hike by the Bank of England (BoE) are also hurting the British Pound (GBP). On Tuesday, 10-year UK gilt yields tumbled to 4.82%, the lowest level seen in over a month.
During the press time, the US Dollar Index (DXY) trades flat around 99.00, with investors awaiting the US Personal Consumption Expenditure Price Index (PCE) data for April scheduled on Thursday.
GBP/USD technical analysis
GBP/USD trades marginally higher at around 1.3450 as of writing. The near-term tone of the pair remains uncertain as it struggles to return above the 20-day Exponential Moving Average (EMA), which is at 1.3470. The overall trend of the pair appears sideways amid the Symmetrical Triangle formation, which reflects indecisiveness among investors.
The Relative Strength Index (RSI) wobbles inside the 40.00-60.00 zone, reflecting a sideways trend.
On the topside, immediate resistance is located at the 20-period EMA around 1.3470; a sustained break above this level would be needed to ease near-term pressure before the next hurdle at the downward resistance trend line near 1.3618. On the downside, the pair could slide towards the upward-sloping border around 1.3333 if it falls below the May 26 low at 1.3434.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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