GBP/USD ends 4-day rally, gives up 1.4600

The GBP/USD pair extends its overnight descent and now tests the solid support near 1.4590 region as the bears snatch back control, ignoring a better risk environment.

GBP/USD holds well above hourly 50-SMA

Currently, GBP/USD trades -0.13% lower at fresh session lows of 1.4592, having failed to sustain above 1.46 handle. The bulls took a breather from its upward trajectory this Friday, and now fuel a minor-correction in the cable, as markets assess the latest ComRes / ITV Brexit poll, showing 52% in favour of the Remain camp, while 41% opt to leave EU’s membership.

Looking ahead, amid a lack of first-tier data from the UK docket, focus will remain on the UK CBI Industrial Order Expectations data and also on the oil price action for fresh incentives on the GBP/USD pair. While the US existing home sales data along with FOMC member Tarullo’s speech will be also closely watched.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4606/08 (daily high & pivot), above which 1.4654/66 (daily R1/ May 19 High) would be tested. On the flip side, support is seen at 1.4575 (1h 50-SMA) below that at 1.4530 (5-DMA).