GBP/USD: range trading persist

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2973

The GBP/USD pair trades uneventfully below the 1.3000 level, having bounced modestly from a fresh weekly low achieved this Tuesday at 1.2952. The pair has little to offer these days, trapped between a weak dollar and cautious mood towards the Pound ahead of upcoming UK election and Brexit. The terror attack that took place overnight also weighs on investors sentiment, with PM May having suspended for now campaign activities. The UK won't release any relevant data until next Thursday, when a Q1 GDP revision will be out. In the meantime, the pair trades below a directionless 20 SMA in the 4 hours chart, whilst the Momentum indicator heading lower right below its 100 level and the RSI flat around 48. The extremes of the last month's range come at 1.2830 and 1.3060, with a clear break of any of those required to see some further directional moves, quite unlikely for this week and the next.

Support levels: 1.2950 1.2915 1.2880

Resistance levels: 1.3020 1.3060 1.3110

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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