- Analytics
- News and Tools
- Market News
- GBP/USD moves sideways below 1.2700 against a somewhat firmer Dollar
GBP/USD moves sideways below 1.2700 against a somewhat firmer Dollar
- The Pound trades sideways after failing to break 1.2730.
- Traders are cautious ahead of a string of key US data this week.
- The broader positive trend remains intact.
The Pound is moving sideways, without a clear direction on Monday, after having failed to extend gains above 1.2760 amid a somewhat stronger US Dollar.
Investors have grown more cautious on Monday after the risk rally witnessed on Friday. With a string of US indicators ahead ending with the Nonfarm Payrolls report on Friday, investors are looking for more data to assess the Fed’s next steps.
Beyond that, the deteriorating situation in the Middle East, with news about the attacks on two commercial vessels in the Red Sea has dampened risk appetite further.
In the calendar today the main event will be US Factory orders. On Tuesday, the focus will be on the UK and US Services PMIs, and the US Jolrs job openings, the first of several US employment indicators.
From a technical perspective, the pair maintains the broader upside trend intact, with 1,2730 resistance closing the path towards 1.2820 and 1.2900. Supports are 1.2600 and 1.2480.
Technical levels to watch
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
