GBP/USD consolidates daily gains, hovering around 1.3100

  • US Dollar steady across the board, DXY up marginally. 
  • Cable holds a positive tone but remains limited by the 20-day SMA.
  • US data: Empire Manufacturing surpass expectations. 

The GBP/USD pair is trading sideways on Monday, consolidating modest gains. Cable rose during the Asian session and peaked at 1.3118 after the beginning of the US session. Over the last two hours, it has been moving between 1.3097 and 1.3117, holding an upside bias but limited. 

Mixed US dollar

The greenback is posting mix results across the board while the pound remains flat on a quiet US session. The improvement in risk sentiment on hopes about a US-China trade deal, weakened the US Dollar earlier today. Regarding the pound, the UK Parliament in on recess until April 23. With Brexit headlines easing after last week extension, attention could turn to UK data. Tomorrow the jobs report is due and on Wednesday inflation data. 

In the US, data released today came in better-than-expected. The NY Empire State Manufacturing Index surprised to the upside rising to 10.10 for the current month from 3.7 and above the 6.0 expected. The report boosted the greenback only modestly. The next events in the calendar for today are speeches from BoE’s Haskel and Fed’s Evans. 

GBP/USD Levels 

To the upside, the GBP/USD is facing a strong resistance around 1.3120 that is also the 20-day moving average. A daily close on top could point to more gains as it also would be the breakout of the current range. To the downside, the immediate support might be seen at 1.3055. A daily close clearly below 1.3030 would point to further losses, exposing 1.3000 and the April low at 1.2980. 

 

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