The GBP/USD pair fell to 1.4072, its lowest in almost a month, as the pound was hit by Brexit and coronavirus-related headlines. Regarding the first, talks between  UK Brexit Minister David Frost and European Commission vice-president Maros Sefcovic to resolve differences over the Brexit deal broke up without a breakthrough on Wednesday. At the same time, speculation mounts that the kingdom will have to delay its planned reopening on June 21 amid the continued increase of new cases. The GBP/USD pair pressures a daily high at 1.4173, but its bullish potential is limited. The 4-hour chart shows that the pair is just above its 20 and 100 SMAs, both directionless and converging around 1.4150.  Technical indicators recovered from near oversold readings and entered positive territory, but lost directional strength afterwards, now consolidating just above their midlines. The 200 SMA heads firmly higher and acted as dynamic support at around 1.4070.

expectation today: bullish