The pound picked up in the US session as the greenback was sold off although there is little going for sterling while markets remain concerned about the recovery in the UK. However, we had a better-than-expected UK trade balance for December in the European session that came as a surprise with a lower deficit, down to £-2.709B from a previous revised £-4.031B. Meanwhile, there is more to the cross than internal factors at play. The market this week turns to Yellen while the turmoil is unprecedented in the commodities sector and FX space. GBP/USD levels Valeria Bednarik, chief analyst at FXStreet explained that the 1 hour chart, the technical indicators have turned south while the price approaches a horizontal 20 SMA, currently around 1.4435. "In the 4 hours chart, the daily spike stalled right around the 200 EMA, and the 38.2% retracement of the latest weekly slide, a major resistance in the 1.4520/30 price zone. Also in the same chart, the price was unable to establish itself above a bearish 20 SMA, while the technical indicators have bounced from near oversold levels, but are losing upward strength below their mid-lines, all of which maintains the risk towards the downside." For more information, read our latest forex news.