The GBP/USD pair trades uneventfully above the 1.4400 level, with limited intraday moves but with the Pound overall maintaining its latest weakness. The UK total trade balance for December 2015 came in at £-2.709B from a previous revised £-4.031B. Between November 2015 and December 2015, exports decreased by £0.3 billion (0.8%) to £41.8 billion. This decrease comprised a £0.2 billion fall in the export of services and a £0.1 billion fall in the export of goods. Total imports decreased by £1.6 billion to £44.5 billion (3.6%) over the same period, all of this decrease was attributed to goods. The data however, hardly affected the pair.
As for the technical picture, the 4 hours chart shows that the price is well below a bearish 20 SMA, while the technical indicators are showing no clear directional strength within bearish territory. On Monday, the pair bottomed at 1.4350, which stands for the 23.6% retracement of the latest daily decline, which means that additional declines below 1.4390 will likely confirm a continued slide, towards that low, while below it, the next level to watch is 1.4250, a major static support level. Above 1.4460, on the other hand, the upside seems more constructive, at least in the short term, with the pair then probably recovering up to 1.4530.
View the live chart of the GBP/USD
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