GBP/USD fails to sustain gains above 1.4500

GBP/USD failed to sustain gains and retreated from highs above 1.4500 over the last hours as the greenback gathers pace versus most competitors.

GBP/USD rallied to a peak of 1.4530 during the European session despite BoE warned about negative consequences of a Brexit in the UK economy. However, Cable lost momentum and turned lower, retreating to the 1.4450 zone and practically erasing intraday gains. At time of writing, GBP/USD is trading at 1.4455, just a few pips above its opening price.

GBP/USD levels to consider

As for technical levels, immediate resistances line up at 1.4530 (May 12 high) and 1.4570 (May 4 high). On the flip side, supports could be faced at 1.4359 (100-day SMA), 1.4330 (50-day SMA) and 1.4270 (Apr 19 low).