GBP/USD trims daily gains

GBP/USD advanced to retest Monday’s highs but was rejected once again and pulled back, trimming most of its daily gains.

GBP/USD reached a daily peak of 1.4477, roughly at the same level it did yesterday, but faltered and gave up around half a cent, sliding toward 1.4425 before the 20-hour SMA offered some support. At time of writing, Cable is trading at 1.4429, still up 0.15% on the day.

GBP/USD levels to consider

As for technical levels, immediate resistances line up at 1.4477/78 (May 10 & 9 high), 1.4520 (10-day SMA) and 1.4570 (May 4 high). On the flip side, supports could be faced at 1.4367 (100-day SMA), 1.4317 (50-day SMA) and 1.4270 (Apr 19 low).