GBP/USD back above 1.2500, but for how long?

Dhwani Mehta FXStreet

The GBP/USD pair found support once again near 1.2475 region, and from there makes another attempt to survive above 1.25 handle amid mixed sentiment and a broadly higher US dollar.

The GBP bulls await fresh impetus in order break higher from the ongoing bullish consolidative phase, which markets believe could be the passage of the UK Brexit bill in the Lower House today that will pave the way for the UK PM May to trigger the Article 50 by March 9.

While lack-luster trading seen around the US treasury yields keeps the sentiment around the pound buoyed somewhat, as markets seek to take the yield advantage from the higher-yielding currency GBP.

GBP/USD Levels to consider

The upside barriers are lined up at 1.2530 (10-DMA), 1.2546 (previous top) and 1.2600 (round figure). While supports are aligned at 1.2467 (daily pivot) and 1.2402 (100-DMA) and below that at 1.2387 (daily S1).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Strongly Bearish	Oversold	High
1H	Slightly Bullish	Neutral	Low
4H	Bearish	Neutral	High
1D	Bullish	Neutral	Low
1W	Bullish	Neutral	Low
Updated Feb 7, 07:45 GMT

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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