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GBP/USD struggles to break 50-hour SMA
The pound remains stuck in its downtrend against the US dollar, despite an overnight lift that has carried it back to the $1.54 level. So far today an attempt to break the 50-hour SMA ($1.5416) has been defeated, and with the Bank of England meeting today expected to be the usual non-event, there is little in the way of bullish news that might drive cable higher. A continued turn lower would head towards yesterday’s low around $1.5329, with the next target being the 100-day SMA at $1.5272.
At present cable is showing no desire to go back above the 200-day SMA ($1.5435), but this is the first step that will be needed to transform this currency pair from ‘sell the rallies’ to ‘buy the dips’.