GBP/USD in a tight range below 1.3000

Pablo Piovano FXStreet

Choppy week for GBP/USD so far, alternating gains with losses in the bottom of the recent range around the 1.3000 handle.

GBP/USD supported near 1.2950

Cable is looking to consolidate the drop from last week’s fresh cycle highs near 1.3270, with gains so far reluctant to advance further north of 1.3000 the figure and sellers still unable to impose their will below the mid-1.2900s.

Absent relevant releases in the UK docket and with the Brexit front unusually calmed, the pair’s price action has been dominated by USD-dynamics and headlines coming from the Korean peninsula. On this matter, Cable is also deriving weakness from the downside in GBP/JPY, as the demand for the safe haven JPY has been on the rise as of late.

Looking ahead, US inflation figures gauged by the CPI are due later in the NA session, with market consensus expecting consumer prices to have ticked a tad higher vs. the June reading.

GBP/USD levels to consider

As of writing the pair is up 0.07% at 1.2987 facing the next hurdle at 1.3063 (high Aug.7) seconded by 1.3065 (21-day sma) and finally 1.3081 (10-day sma). On the other hand, a breakdown of 1.2953 (low Aug.8) would open the door to 1.2927 (50% Fibo of 1.2587-1.3266) and finally 1.2850 (100-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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