GBP/USD stuck in a range around 1.35 handle, Fedspeaks eyed
| • Investors now seemed to look past the latest Brexit headlines.
• Subdued USD demand/US bond yields fail to provide any impetus.
• Traders look forward to Fed speaker for short-term opportunities.
The GBP/USD pair extended its consolidative price action and remained confined in a narrow trading band near the key 1.3500 psychological mark.
After yesterday's good two-way moves, led by the incoming Brexit headlines, the pair seemed to stabilize around the 1.3500 handle and had a rather muted reaction to Thursday's upbeat release of Philly Fed Manufacturing Index.
Against the backdrop of recent BoE dovish tilt, reemerging Brexit concerns kept the British Pound on the back-foot. However, a subdued action around the US Treasury bond yields forced the US Dollar bulls to take some breather and was seen protecting any immediate downside for the major.
In absence of any major market moving economic releases, traders are likely to take cues from speeches by influential FOMC member - Cleveland Fed President Loretta Mester, due to speak in a short while from now, and Fed Governor Lael Brainard, scheduled later during the early NA session.
Technical levels to watch
Weakness back below the 1.3500 handle could get extended towards 1.3480 level before the pair eventually drops back to a 2-week-old trading range support near mid-1.3400s. On the upside, the 1.3555-60 region (200-day SMA) now seems to have emerged as an immediate hurdle and is followed by a strong resistance near the 1.3600-1.3610 zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.