GBP/USD stuck in tight range around 1.2975

Dhwani Mehta FXStreet

Having faced rejection just below 1.30 handle, the GBP/USD pair drifted lower and now trades around a flat-line amid a data-light UK docket ahead.

GBP/USD: Attention turns to US data

Currently, GBP/USD trades almost unchanged at 1.2978, having posted day’s high at 1.2993 and day’s low at 1.2950. The cable is seen extending its downside consolidation phase for the second straight session, with markets now awaiting a fresh batch of US and UK economic data to gauge next direction in the major.

Moreover, calm has spread across the markets, in light of the first US presidential election debate and a string of speeches from the Fed officials, which are likely to have a significant impact on the USD price-action that will eventually impact GBP/USD.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.2996 (5-DMA), above which 1.3033 (daily R2) and 1.3090 (Sep 23 low) would be tested. On the flip side, support is seen at 1.2943 (Sept 21 low) below that at 1.2900 (key support) and at 1.2872/63 (Aug 16 & 15 low).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	Shrinking
1H	Bullish	Overbought	Low
4H	Bullish	Overbought	Low
1D	Bearish	Neutral	High
1W	Bearish	Oversold	Low
Updated Sep 26, 03:45 GMT

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 off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD clings to gains above 1.3600

GBP/USD reverses three consecutive daily pullbacks on Friday, hovering around the low-1.3600s on the back of the vacillating performance of the Greenback in the wake of the release of US CPI prints in January. Earlier in the day, the BoE’s Pill suggested that UK inflation could settle around 2.5%, above the bank’s goal.

Gold: Upside remains capped by $5,000

Gold is reclaiming part of the ground lost on Wednesday’s marked retracement, as bargain-hunters seem to have stepped in. The precious metal’s upside, however, appears limited amid the slightly better tone in the US Dollar after US inflation data saw the CPI rise less than estimated at the beginning of the year.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.