The Pound outperforms its major rivals this Monday, having advanced against the greenback up to 1.4518, surpassing by a couple of pips the high established on March 18th. Supporting the UK currency is a bounce in local share markets which opened down, and investors' decision to stay away from the EUR and the JPY, ahead of the upcoming FED and BOJ's meetings. In the macroeconomic front, the CBI Industrial Trends survey, showed that manufacturing activity fell by less than expected in March, due to a dip in export orders, whilst domestic orders were broadly flat. Nevertheless, the GBP/USD pair holds above the 1.4500 level, and in the 1 hour chart, the price is well above a now bullish 20 SMA, whilst the technical indicators are losing upward strength near overbought readings, supporting some short term consolidation/retracement. In the 4 hours chart, however, the technical indicators present a strong upward momentum, whilst the 20 SMA accelerates higher far below the current level, indicating that the bullish potential is still strong.
Support levels: 1.4465 1.4420 1.4370
Resistance levels: 1.4520 1.4555 1.4600