GBP/USD wavers in tight range around 1.4250, US data eyed

Syria tensions led risk-aversion back in vogue?
Markets stay focused on the US retail sales ahead of a Big week.

Dhwani Mehta FXStreet

The GBP/USD pair is seen reversing most gains heading towards the European open, as the bears appear to regain control amid deteriorating risk sentiment, with the European traders hitting their desks and reacting to the weekend's news of the US-led airstrikes on the Syrian chemical weapons facilities.

Moreover, markets prefer to remain in a wait and see mode before placing any big bets on the pound ahead of a data-intensive big week ahead, as all eyes remain on the UK jobs, CPI and retail sales figures to gauge the Bank of England’s (BOE) next policy move.

In the meantime, the risk trends amid developments around the global politics will continue to drive the risk asset, Cable, ahead of the US retail sales report and Fedspeaks due later on Monday.

GBP/USD levels to watch

According to Jim Langlands at FX Charts, “although Cable failed at the highs on Friday, the dailies do look positive and if q.4300 can be taken out then we are left looking at a test of the Jan (2018) high 1.4346, above which there is then little to stop a run at the post-Brexit high 1.5022. In the meantime, the short-term charts now look a little heavy and hint at a possible return to minor levels at 1.4220 and at 1.4200 ahead of more substantial support at 1.4160.”

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.

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