GBP/USD revisits February highs and retreats

GBP/USD rose to the 1.4670 area during the New York session but lacked momentum to overcome the resistance area which had capped the upside back in February.

GBP/USD made a marginal new high at 1.4669 amid broad USD weakness, but it was rejected and pulled back to the 1.4620 zone, where it trades around 0.14% higher on the day.

Cable is on track to post its third weekly gain as it moves away from multi-year lows scored earlier this year at the 1.3835 region.


GBP/USD levels to watch

In terms of technical levels, next resistances could be found at 1.4667/69 (Feb 4, Apr 29 highs) and 1.4700 (psychological level). On the other hand, supports are seen at 1.4575 (Apr 29 low), 1.4522 (Apr 28 low) and 1.4494 (Apr 27 low).