GBP/USD recovers losses, 1.4700 back on sight

The GBP/USD pair moved back and forth in a 25-pips narrow range below 1.47 handle almost throughout the Asian session, and now looks to extend the range-trade into Europe.

GBP/USD flat-lined amid mixed sentiment

Currently, GBP/USD trades almost unchanged at 1.4668, struggling to rise decisively above 1.4675 levels. The cable is seen consolidating the downside after yesterday’s retreat from three-week tops, awaiting fresh incentives for the next push lower, as the greenback is expected to remain broadly in demand amid expectations of a stronger second estimate of Q1 US GDP print and hawkish comments from Fed Chair Yellen.

Moreover, mixed sentiment prevalent in the markets amid moderately higher Asian indices and falling oil prices, also keep the sentiment around GBP/USD undermined. Meanwhile, traders continue to closely watch the latest Brexit polls, garnering further support for anti-Brexit camp, in absence of macro news from the UK docket.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4700 (Round number), above which 1.4739 (May 26 high/ 200-DMA) would be tested. On the flip side, support is seen at 1.4630 (5-DMA) below that at 1.4609/00 (1h 100-SMA/round number).