GBP/USD moves sideways below 1.2700 against a somewhat firmer Dollar

Guillermo Alcala FXStreet

The Pound trades sideways after failing to break 1.2730.
Traders are cautious ahead of a string of key US data this week.
The broader positive trend remains intact.

The Pound is moving sideways, without a clear direction on Monday, after having failed to extend gains above 1.2760 amid a somewhat stronger US Dollar.

Investors have grown more cautious on Monday after the risk rally witnessed on Friday. With a string of US indicators ahead ending with the Nonfarm Payrolls report on Friday, investors are looking for more data to assess the Fed’s next steps.

Beyond that, the deteriorating situation in the Middle East, with news about the attacks on two commercial vessels in the Red Sea has dampened risk appetite further.

In the calendar today the main event will be US Factory orders. On Tuesday, the focus will be on the UK and US Services PMIs, and the US Jolrs job openings, the first of several US employment indicators.

From a technical perspective, the pair maintains the broader upside trend intact, with 1,2730 resistance closing the path towards 1.2820 and 1.2900. Supports are 1.2600 and 1.2480.

Technical levels to watch

GBP/USD

Overview
Today last price	1.2686
Today Daily Change	-0.0023
Today Daily Change %	-0.18
Today daily open	1.2709

Trends
Daily SMA20	1.2473
Daily SMA50	1.2298
Daily SMA100	1.2482
Daily SMA200	1.2472

Levels
Previous Daily High	1.2716
Previous Daily Low	1.2614
Previous Weekly High	1.2733
Previous Weekly Low	1.2591
Previous Monthly High	1.2733
Previous Monthly Low	1.2096
Daily Fibonacci 38.2%	1.2677
Daily Fibonacci 61.8%	1.2653
Daily Pivot Point S1	1.2643
Daily Pivot Point S2	1.2577
Daily Pivot Point S3	1.2541
Daily Pivot Point R1	1.2746
Daily Pivot Point R2	1.2782
Daily Pivot Point R3	1.2848

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

GBP/USD climbs above 1.3250 as markets assess UK PM Starmer resignation

GBP/USD regains its traction and trades inn positive territory above 1.3250 on Monday, following a drop below 1.3200 with the immediate reaction to UK PM Keir Starmer's resignation announcement.

EUR/USD holds above 1.1450 on improving risk mood

EUR/USD rebounds from session lows and trades virtually unchanged above 1.1450 in the American session on Monday. News of the US and Iran making progress in the latest round of talks help the market mood improve and allow the pair to keep its footing.

Gold clings to gains near $4,200 as tensions in Middle East ease

Gold stays in positive territory ar around $4,200 on Monday, looking to snap a three-day losing streak. News of US and Iran making progress in the latest round of talks seems to be helping the precious metal hold its ground at the beginning of the week.

Breaking: Iran closes the Strait of Hormuz amid ceasefire deal violation

Iran says it is closing the Strait of Hormuz after accusing the United States (US) and Israel of violating the ceasefire. According to Iran, the decision came over the continued Israeli strikes in Lebanon. The Iranian Revolutionary Guard Corps Navy issued a warning to all vessels: "Do not approach the Strait of Hormuz; otherwise, your security will be jeopardized."

Is Shiba Inu dead or just in a crisis? The data behind SHIB's 95% crash

SHIB, the dog-themed meme coin that became one of the biggest success stories in crypto and turned early buyers into crypto millionaires, is facing tough times. Its price has fallen more than 32% so far this year, and it is down 95% from its all-time high in 2021. Is SHIB simply another fading meme coin, or is the market overlooking a possible recovery story?

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.