Forex News

Weak below 1.2500, inside short-term trading range

  • GBP/USD seesaws around the monthly top, maintains a two-day-old trading range.
  • 50-HMA adds strength to the range support.
  • 1.2500, 50-day SMA offer immediate resistance.

Despite declining to 1.2457, GBP/USD stays inside a two-day-old trading range during the Asian session on Monday. In doing so, the cable pair seesaws around a one-month high flashed on Friday.

However, bearish MACD and repeated failures to cross 1.2500 round-figure seem to keep the sellers hopeful.

As a result, 1.2450/45 area including 50-HMA and the said range’s support, will be important to watch as a break of which could trigger fresh declines to 200-HMA level near 1.2365.

Meanwhile, the pair’s upside clearance of 1.2485 immediate resistance enables the buyers to once again aim for 1.2500.

Should there be a clear upside beyond 1.2500, the 50-day SMA level on the daily chart, close to 1.2575, will lure the bulls.

GBP/USD hourly chart

Trend: Sideways

 

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