GBP/USD: To consolidate on the day – OCBC
Pound Sterling (GBP) slipped overnight in reaction to broad USD rebound. There is no tier-1 data for UK this week, putting more focus on BoE-speaks. GBP was last seen trading at 1.2635, OCBC's FX analysts Frances Cheung and Christopher Wong note.
GBP/USD may see consolidation intraday
"Huw Pill will speak tonight, followed by Dhingra (Wed), Ramsden (Thu). Last week, BoE’s Pill told Reuters that he is cautious about further rate cuts. He said that BoE had more work to do to bring down inflation and that policymakers 'can’t just remove all restriction overnight, cut rates aggressively, etc'."
"Bullish momentum on daily chart shows signs of fading while RSI is flat. May see consolidation intraday. Support at 1.2610 (38.2% fibo retracement of Sep high to Jan low), 1.2510 (21 DMA). Resistance at 1.2680, 1.2770/90 levels (50% fibo, 200 DMA)."
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.