GBP/USD: risks mounted to the downside below 1.4370 - FXStreet

Valeria Bednarik, chief analyst at FXStreet noted the technical conditions surrounding GBP/USD.

Key Quotes:

"In the short term, the downside remains favored, as in the 1 hour chart, the price is barely holding above a bullish 20 SMA, while the technical indicators hold flat above their mid-lines, with no certain directional strength.

In the 4 hours chart, the pair was unable to clearly recover above the 1.4445 level, the 50% retracement of its latest bullish run, whilst the RSI indicator has been rejected from its mid-line and the Momentum indicator holds around its 100 line, all of which indicates the risk remains towards the downside, particularly on a break below 1.4370, the 61.8% retracement of its latest bullish run."