GBP/USD: stuck around 1.3000, upside limited

Valeria Bednarik FXStreet

GBP/USD Current price: 1.3000

The GBP/USD pair hovers around 1.3000, having recovered some ground but so far unable to advance beyond 1.3019, the daily high. An ultra light macroeconomic calendar in Europe and the US is keeping majors range bound, and while the pair trades positively daily basis, the upside potential remains well-limited according to intraday technical readings, as in the 4 hours chart, selling interest is aligned around a bearish 20 SMA, converging now with the mentioned daily high, while technical indicators remain within negative territory, although with no directional strength. A downward extension seems unlikely amid dollar's weakness, yet below 1.2960, the scale will lean towards the downside, with 1.2930 and 1.2890 as the next intraday supports and probable bearish targets.

Support levels: 1.2960 1.2920 1.2890

Resistance levels: 1.3020 1.3055 1.3090

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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