GBP/USD analysis: Pound lifeless ahead of BOE's Super Thursday

Valeria Bednarik FXStreet

GBP/USD Current price: 1.3127

GBP/USD moving exclusively on dollar's weakness/strength.
UK Markit Manufacturing PMI seen at 54.2 in July from 54.4 in June.

The Sterling Pound had little life of its own, with the GBP/USD pair being exclusively driven by intraday dollar's weakness/strength. The pair surged to a daily high of 1.3172 but pulled down to 1.3089 on the sudden run toward the greenback, to finally settle in the 1.3130 region. There were no macroeconomic headlines coming from the UK, although during the upcoming Asian session, the kingdom will release the BRC Shop Price Index for July, while later in the day, Nationwide Housing Prices will be out, and more relevant, July Markit Manufacturing PMI. This last is expected to come in at 54.2 from the previous 54.4, although reaction to UK data could be limited ahead of the outcome of Fed's meeting later in the US afternoon. The pair presents a neutral stance in the short-term and according to the 4 hours chart, as its currently hovering around a bearish 20 SMA, unable to move far from it, while developing well below the 200 EMA. Technical indicators have retreated within positive territory now struggling with their midlines and with no directional strength. The GBP/USD pair may continue to range ahead of BOE's Super Thursday when Carney & Co. should decide whether or not to hike rates.

Support levels: 1.3090 1.3045 1.3010

Resistance levels: 1.3150 1.3190 1.3230

View Live Chart for the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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