GBP/USD wobbles around 1.4400

GBP/USD is alternating gains with losses on Wednesday, navigating a daily range between 1.4350 and 1.4410 for the time being.

GBP/USD now looks to US calendar

The recent strong upside momentum in GBP seems to have run out of steam after a more sustainable break above the 1.4400 handle still remains elusive. In the meantime, latest results from polls showed a narrower gap between the “Leave’ and ‘Remain’ vote, somewhat pouring cold water over the bullish attempt.

Data wise in the UK, labour market figures have missed expectations during March, although the jobless rate remained unchanged, matching consensus. In the US data space, Existing Home Sales is due next followed by the EIA’s report on crude inventories.

GBP/USD levels to consider

As of writing the pair is down 0.10% at 1.4383 and a breakdown of 1.4247 (55-day sma) would open the door to 1.4092 (38.2% Fibo of 1.3833-1.4517) and then 1.4004 (low Apr.6). On the other hand, the next up barrier aligns at 1.4435 (100-day sma) followed by 1.4460 (high Mar.30) and finally 1.4517 (high Mar.18).