GBP/USD in a bearish consolidation phase, UK jobs eyed

Dhwani Mehta FXStreet

The GBP/USD pair is seen moving back and forth in a 30-pips narrow range, as the bears consolidate sharp losses incurred on the back of hawkish Fed Yellen’s testimony before the Senate Banking Committee. Yellen noted that it would be appropriate to hike rates in the upcoming months and that every meeting is a ‘live’ one.

The greenback rallied hard versus its main competitors as the treasury yields surged across the curve on Yellen’s hawkish remarks, knocking-off cable almost one big figure down. In the day ahead, the spot is likely to get influenced by the UK jobs report, which will be followed by the US CPI, retail sales and industrial production releases. While Fedspeaks will also remain in focus.

GBP/USD Levels to consider

At, 1.2457, the upside barriers are lined up at 1.2483/96 (5-DMA), 1.2528 (20-DMA) and 1.2550 (round figure). While supports are aligned at 1.2417 (100-DMA) and 1.2400 (zero figure) and below that at 1.2379 (50-DMA).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2408

21% Bullish
50% Bearish
29% Sideways

Bias Bearish

1 Month

Avg Forecast 1.2358

29% Bullish
53% Bearish
18% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2142

12% Bullish
68% Bearish
20% Sideways

Bias Bearish

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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