GBP/USD: Struggle to take out 4-hr 200-MA continues…

GBP/USD yet again failed to hold above the 4-hr 200-MA in Asia despite the drop in the US treasury yields.

Eyes broader market sentiment

The British Pound remains at the mercy of the broader market sentiment, which is likely to be influenced by the situation in the US. As per the latest reports, anti-Trump protests have gathered traction in US.

This may lead to risk-off and a rise in the British Pound, which has been behaving as a funding currency of late. Later in the day, Fed speak could influence the dollar demand as well.

GBP/USD Technical Levels

The spot was last seen trading around 1.2415 levels. A break above 1.2450 (4-hr 200-MA) would open doors for 1.2548 (previous day’s high) above which gains could be extended to 1.26 (zero figure). On the other hand, a breakdown of support at 1.2396 (session low) would expose 1.2353 (10-DMA) and 1.23 levels.