Pound Sterling Price News and Forecast: GBP/USD remains confined in a range below 1.2400

FXStreet Team FXStreet

GBP/USD outlook: Extended narrowing range ahead of key events this week

Cable is trading within a narrow range around 1.24 handle in European session on Monday, extending near-term directionless mode.

Bulls were capped by the base of descending weekly cloud (1.2455) and so far unable to register a clear break above 1.2400, but hold grip, as the price continues to move above ascending 10DMA (currently at 1.2371), which tracks the action since Jan 6 and marks solid support.

January action is on track to end in another long bullish candle (fourth straight month of gains), which is a bullish signal, though offset by weekly bearish Doji, overbought conditions and fading bullish momentum on weekly chart. Read more...

GBP/USD remains confined in a range below 1.2400, awaits FOMC/BoE meetings this week

The GBP/USD pair kicks off the new week on a subdued note and seesaws between tepid gains/minor losses through the early European session. The pair remains confined in a multi-day-old trading range and is currently placed just below the 1.2400 round-figure mark.

Traders now seem to have moved to the sidelines ahead of this week's central bank event risks, which, in turn, fails to provide any meaningful impetus to the GB/USD pair. The Federal Reserve is scheduled to announce its decision at the end of a two-day policy meeting on Wednesday. This will be followed by the latest monetary policy update by the Bank of England (BoE) on Thursday and will help determine the next leg of a directional move for the major. Read more...

GBP/USD: Upside momentum seems to be losing traction – UOB

In the opinion of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, further strength in GBP/USD could be running out of steam.

24-hour view: “We highlighted last Friday that ‘while upward momentum has waned, there is room for GBP to test 1.2450 first before the risk of a more sustained pullback increases’. However, GBP did not test 1.2450 as it traded between 1.2346 and 1.2419 before closing modestly lower at 1.2400 (-0.01%). The price actions appear to be part of a consolidation phase and GBP is likely to trade sideways today, expected to be between 1.2350 and 1.2425.” Read more...

GBP/USD

Overview
Today last price	1.2383
Today Daily Change	-0.0008
Today Daily Change %	-0.06
Today daily open	1.2391

Trends
Daily SMA20	1.2226
Daily SMA50	1.2163
Daily SMA100	1.1766
Daily SMA200	1.1963

Levels
Previous Daily High	1.2419
Previous Daily Low	1.2346
Previous Weekly High	1.2448
Previous Weekly Low	1.2263
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2374
Daily Fibonacci 61.8%	1.2391
Daily Pivot Point S1	1.2351
Daily Pivot Point S2	1.2312
Daily Pivot Point S3	1.2278
Daily Pivot Point R1	1.2425
Daily Pivot Point R2	1.2459
Daily Pivot Point R3	1.2498

Author

FXStreet Team

FXStreet

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