GBP/USD kicks off the new week by taking the day off on both sides of the Atlantic

The GBP/USD to be constrained by tight volumes for the new week.
NFP Friday is going to weigh on traders this week, and hesitation is likely to feature.

Joshua Gibson FXStreet

The GBP/USD is trading up towards 1.3350 as the pair moves through a quiet Monday session.

The Sterling-Dollar pairing is going to see a very quiet Monday, with the US off for Memorial Day and the UK also extending the weekend for the Spring Bank Holiday.

With both major markets shuttered for the week's beginning, volatility is going to be stifled and the economic calendar remains thin for most of the week; The first release for the UK hits on Wednesday, and with Non-Farm Payrolls on Friday, traders will be looking towards the end of the week quite early.

GBP/USD levels to watch

Valeria Bednarik, FXStreet's Chief Analyst, on the GBP/USD's technical stance heading into a quiet Monday session: "the UK will kick start the week with a bank holiday, and the local macroeconomic calendar has little to offer until Friday, with the release of May preliminary Markit manufacturing PMI, expected at 53.6 from the previous 53.9. The daily chart for the pair shows that, after a period of consolidation at the beginning of the month, it resumed its bearish trend that has not yet found a bottom, as technical indicators accelerated their slides, with the Momentum easing modestly, but at fresh 2-week lows, and the RSI heading south around 21. Shorter term, and according to the 4 hours chart, the pair is also biased lower, with a bearish 20 SMA providing a dynamic resistance at 1.3365 and technical indicators leaned lower, the Momentum without directional strength but the RSI accelerating lower and supporting further slides ahead."

Support levels: 1.3280 1.3245 1.3210

Resistance levels: 1.3320 1.3365 1.3400

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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