- 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.
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
Today Last Price: 1.2673
Today Daily change: 47 pips
Today Daily change %: 0.372%
Today Daily Open: 1.2626
Previous Daily SMA20: 1.2686
Previous Daily SMA50: 1.2836
Previous Daily SMA100: 1.2909
Previous Daily SMA200: 1.3225
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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.