GBP/USD outlook: Cable moves within extended range ahead of key US data
|GBP/USD
Cable remains in extended sideways mode, with a narrow range on holiday-thinned markets on Good Friday.
Near-term action is ranging between 200DMA (1.2588) and thin daily cloud (spanned between 1.2634 and 1.2663), with predominantly bearish daily studies keeping the downside at risk, although the pair is still looking for stronger direction signal.
Markets await release of key economic data today – US PCE price index – Fed’s preferred inflation measure, which is expected to contribute to timing and pace of highly anticipated Fed rate cuts.
Basically, higher than expected inflation numbers in February would likely cool the expectations for the start of rate cuts in June and lift the dollar, though significantly lower volumes on Good Friday may affect the action.
Res: 1.2634; 1.2663; 1.2689; 1.2715.
Sup: 1.2600; 1.2588; 1.2575; 1.2518.
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