GBP/USD consolidates above 1.2450

Matías Salord FXStreet

Cable remains steady and holds to gains. Market volatility remains lows amid a holiday in the US. The GBP/USD pair peaked during the European session at 1.2482 and then pulled back modestly.

During the last hours, it moved within a range, between 1.2450 and 1.2475, consolidating a daily gain of around 50 pips.

The pound is among the best performers in the market. In the United Kingdom, the House of Lords is debating the application of the Article 50; a majority is expected to vote yes, giving power to the government to trigger the article by early March as expected.

House of Lords debate on Article 50 - Brexit Live Stream

Technical levels

To the upside, resistance levels might be seen at 1.2480 (Feb 15 & 20 high), 1.2520/25 (Feb 16 high) and 1.2545 (Feb 14 high). On the opposite direction, support might lie at 1.2450 (American session low), 1.2400 (daily low) and 1.2380 (Feb 15 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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