FxWirePro: GBP/USD consolidates in narrow range, momentum only above 1.3050 level
GBP has failed once again after hitting 1.3030. The pair is trading in narrow range between 1.30297 and 1.2945 for the past two trading session. The pair trades near year high yesterday after a BOE governor hinted toward…
GBP has failed once again after hitting 1.3030. The pair is trading in narrow range between 1.30297 and 1.2945 for the past two trading session.
The pair trades near year high yesterday after a BOE governor hinted toward moving away from accommodative monetary policy in the near term. Market awaits UK manufacturing PMI for further direction. Any dip in the UK manufacturing PMI will drag the pair till 1.2950.
The pair should break above 1.3050 for further bullishness. Any violation above 1.3050 will take the pair till 1.3110 (113% retracement of 1.30475 and 1.25894)/1.3150/1.33150 (88.6% retracement of 1.3440 and 1.19040).
On the lower side, near term minor support is around 1.2940 (4H 21- EMA) and any break below will drag the pair down till 1.29250 (23.6% retracement of 1.25895 and 1.30298)/1.2840(200- 4H MA).
It is good to buy above 1.3050 with SL around 1.2980 for the TP of 1.3150/1.3300.
