GBP/USD: Range-play intact below 1.2520 amid lack of drivers

Dhwani Mehta FXStreet

The GBP/USD pair continues to move back and forth in a 20-pips narrow range ahead of 1.25 handle, as the upside lacks momentum amid no fresh catalysts, in the wake holiday-quiet trading session today. Most major world markets are closed today in observance of Good Friday.

Moreover, broad based US dollar recovery in the US last session combined with rife geopolitical tensions, caps any upside attempts in the spot. Additionally, persisting weakness seen around the GBP/JPY cross also weighs down on the pound, as risk-off remains the key theme so far this session.

However, cable manages to keep 1.25 handle, as markets expect downbeat US retail sales and CPI data slated for release later in the NA session.

GBP/USD Levels to consider

Haresh Menghani, Analyst at FXStreet notes, “Bears would be eyeing for a decisive break through the 1.2500 immediate support, below which the pair is likely to accelerate the slide towards 1.2425-20 support area, with some intermediate support near 1.2480 horizontal level.”

On the flip side, momentum above the ascending trend-channel resistance near 1.2520 level is likely to lift the pair immediately to 1.2540-45 horizontal resistance ahead of 1.2575 (yesterday’s swing high). Any follow through up-move is likely to confront strong supply near the 1.2600 handle, representing a medium-term descending trend-line resistance extending from Oct. 2016 highs through 2017 high,”Haresh adds.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.