GBP/USD: Range-play intact below 1.2520 amid lack of drivers
|The GBP/USD pair continues to move back and forth in a 20-pips narrow range ahead of 1.25 handle, as the upside lacks momentum amid no fresh catalysts, in the wake holiday-quiet trading session today. Most major world markets are closed today in observance of Good Friday.
Moreover, broad based US dollar recovery in the US last session combined with rife geopolitical tensions, caps any upside attempts in the spot. Additionally, persisting weakness seen around the GBP/JPY cross also weighs down on the pound, as risk-off remains the key theme so far this session.
However, cable manages to keep 1.25 handle, as markets expect downbeat US retail sales and CPI data slated for release later in the NA session.
GBP/USD Levels to consider
Haresh Menghani, Analyst at FXStreet notes, “Bears would be eyeing for a decisive break through the 1.2500 immediate support, below which the pair is likely to accelerate the slide towards 1.2425-20 support area, with some intermediate support near 1.2480 horizontal level.”
On the flip side, momentum above the ascending trend-channel resistance near 1.2520 level is likely to lift the pair immediately to 1.2540-45 horizontal resistance ahead of 1.2575 (yesterday’s swing high). Any follow through up-move is likely to confront strong supply near the 1.2600 handle, representing a medium-term descending trend-line resistance extending from Oct. 2016 highs through 2017 high,”Haresh adds.
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