GBP/USD knocking on resistance-heavy door just below 1.2700

Sterling market see some bidding action, but limited upside as resistance looms.
Brexit developments have all but vanished for the time being, leaving GBP traders to focus on other happenings.

Joshua Gibson FXStreet

GBP/USD is trapped near familiar levels, spinning into 1.670 as Monday's early risk bid sees the Cable recovering somewhat right back into last week's ranges from the 1.2700 major handle to 1.2615.

The Sterling heads into a thin Monday London market session with nothing meaningful on the economic data docket, seeing a free and clear economic calendar for the day, and the Cable continues to struggle to develop meaningful gains into the 1.2700 handle, and regular headlines flowing through both US policy and Brexit could send broader markets lower at any moment.

Christmas is right around the corner on Tuesday, and limited markets are set to remain fairly sedate for Monday. The only meaningful data on the docket will be the US Chicago Fed's National Activity Index at 13:30 GMT, and nothing else remains.

The Cable remains stuck in the current zone as the pair wraps up a two-week recovery from the previous decline from below the 1.2500 handle, and technical indicators are continuing to middle, implying GBP/USD has, for the time being, lost momentum in either direction as markets buckle down for Christmas.

GBP/USD Technical Levels

GBP/USD

Overview:
    Today Last Price: 1.2673
    Today Daily change: 47 pips
    Today Daily change %: 0.372%
    Today Daily Open: 1.2626
Trends:
    Previous Daily SMA20: 1.2686
    Previous Daily SMA50: 1.2836
    Previous Daily SMA100: 1.2909
    Previous Daily SMA200: 1.3225
Levels:
    Previous Daily High: 1.2698
    Previous Daily Low: 1.2618
    Previous Weekly High: 1.2708
    Previous Weekly Low: 1.2574
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2648
    Previous Daily Fibonacci 61.8%: 1.2667
    Previous Daily Pivot Point S1: 1.2597
    Previous Daily Pivot Point S2: 1.2567
    Previous Daily Pivot Point S3: 1.2517
    Previous Daily Pivot Point R1: 1.2677
    Previous Daily Pivot Point R2: 1.2728
    Previous Daily Pivot Point R3: 1.2757

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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