04.06 - GBP/USD snaps five-day winning streak
- by George Solotarov
Having risen for the five consecutive days, GBP/USD fades upside momentum while declining to 1.2543, down 0.24%, ahead of the London open on Thursday. In addition to the hard Brexit concerns and the coronavirus (COVID-19) news, the US dollar’s bounce from multi-day low also contributed to the pair’s pullback. While the markets are quiet during the pre-ECB moves, risk-tone also reshuffled despite the absence of any major catalysts.
The US dollar index (DXY) bounces back from the lowest since March to 97.48, up 0.16% on a day, by the press time. The reason could be traced from the early-day Newsmax interview by US President Donald Trump.
Not only a 100-day SMA level of 1.2565, but the 1.2600 round-figure and April month top near 1.2645/50 could also keep the bulls chained. Alternatively, the early-May top near 1.2465/60 seems the immediate support to watch during further weakness.