GBP/USD: bears line up but bulls stacked at 1.5230

FXStreet (Guatemala) - GBP/USD is currently trading at 1.5346 with a high of 1.5374 and a low of 1.5313.

GBP/USD has run into tough resistance while being supported at the 20 and 200 DMA's. While markets are lacking drivers at the start of the week and with holidays taking place, the week will get busy with key data for both the pound and the US.

The US holds the beige book, CPI's and retails sales that will all be keenly monitored in respect of the FOMC meeting this month, while in the UK, the claimant count is the most prominent data domicile for the pound.

GBP/USD technically running out of steam?

Analysts at UOB Group explains that failure to break above 1.5390 is not surprising. "The failure to break above this level suggests that the outlook for this pair is still neutral for now. However, the undertone is positive and as long as the current short-term consolidation can hold above 1.5230 (1.5260 already a strong support), a break above 1.5390 cannot be ruled out just yet."

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.

RELATED TOPICS