GBP/USD: easing within range

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2773

The GBP/USD pair advanced up to 1.2814 with London opening, but was unable to extend its gains, pulling back below the 1.2800 mark ahead of the US opening, amid surging demand for the greenback, following Fed's Dudley words, confident on how things are going with both, employment and inflation. In the meantime, officials from the UK and the EU will start discussing Brexit terms in Brussels this Monday, although progress is expected to be slow.

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From a technical point of view, the pair retains the neutral-to-bullish tone seen on previous updates, as in the 4 hours chart, the price develops above its 20 SMA, a dynamic support around 1.2755, while the Momentum indicator keeps heading higher above its 100 level whilst the RSI indicator hovers around 52. The downside potential will remain limited as long as the price holds above 1.2705, February's high, while spikes beyond 1.2800 will probably attract selling interest, with only an upward acceleration through 1.2820 favoring additional gains ahead.

Support levels: 1.2755 1.2705 1.2665

Resistance levels: 1.2820 1.2860 1.2895

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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