GBP/USD sidelined near 1.3030, eyes on BoE-speak

Pablo Piovano FXStreet

The Sterling stays bid so far this week, now taking GBP/USD to a rangebound theme around 1.3030 ahead of the opening bell in Europe.

GBP/USD focus on BoE-speak

Cable is looking to advance for the third session in a row today amidst the continuation of the selling bias around the greenback.

In fact, tracked by the US Dollar Index, the buck failed to sustain yesterday’s bull run and returned to the 93.70 region during early trade, always on the back of increasing uncertainty on US politics and with Trump in the centre of the debate.

Looking ahead, GBP-bulls should stay vigilant on the speech by BoE’s A.Haldane (17GMT). It is worth mentioning that Haldane suggested the need to remove some of the ongoing monetary stimulus in the second half of the year, while he could also give markets a hint about his vote at next week’s BoE meeting.

Data wise in the UK, CBI’s industrial trends is only due. Across the pond, home prices tracked by the S&P/Case-Shiller index is expected ahead of consumer confidence measured by the Conference Board.

GBP/USD levels to consider

As of writing the pair is gaining 0.07% at 1.3037 and a break above 1.3054 (high Jul.24) would open the door to 1.3115 (high Jul.14) and finally 1.3127 (2017 high Jul.18). On the downside, the immediate support aligns at 1.3007 (10-day sma) followed by 1.2999 (23.6% Fibo of 1.2587-1.3127) and finally 1.2963 (21-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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