Pound erases earlier gains, falls flat on the day

Technical Analysis

The pound falls to its lows for the day in European morning trade

GBP/USD H1 29-04
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There aren’t any specific headlines dragging the pound lower on the session, but just take note that this time of the month is where we typically will see Buba buying in EUR/GBP. So, that is perhaps a reason why the flows are seeing the pound weaken.

EUR/GBP is up by 0.4% to near 0.8750 currently, with cable also falling off and erasing earlier gains to flat levels now around 1.2417.

In cable, price is testing some minor support around 1.2415-20 but the support levels to watch will be the key hourly moving averages at around 1.2396-00.

For buyers, that is the key region to keep above in order to retain the near-term bullish bias. As for sellers, break below and that will see the near-term bias turn more bearish.

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