• GBP/USD witnessed some selling on Friday and extended the overnight pullback from weekly tops.
  • A generally softer risk tone provided a modest lift to the safe-haven USD and exerted some pressure.
  • UK political noise, the Scottish elections risk weighed on the GBP and contributed to the selling bias.

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The GBP/USD pair refreshed daily lows during the early European session, with bears now awaiting a sustained break below the 1.3900 round-figure mark.The greenback is edging higher alongside Treasury yields and after the satisfactory US GDP figures. Personal Income, Personal Spending and Core PCE are eyed.

The pair extended the previous day’s retracement slide from over one-week tops, around the 1.3975 region and witnessed some selling on the last trading day of the week. This marked the first day of a negative move in the previous six trading sessions and was sponsored by a modest US dollar strength.

From a technical perspective Pound/dollar has been holding up above the ascending trendline support on the four-hour chart, and also benefits from upside momentum. The MACD indicator is on positive ground, thus far from causing worries about overbought conditions.

Some support awaits at 1.3930, the daily low, followed by 1.3860, a cushion seen earlier this week. It is followed by 1.3825 and 1.3810.Resistance is at 1.3975, the daily high, and then by the all-important 1.4010 cap. The next noteworthy cap is 1.4140.

The material has been provided by InstaForex Company – www.instaforex.com

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