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Forex

GBPUSD Consolidates in a Tight Range Near 1.2670

GBPUSD Consolidates in a Tight Range Near 1.2670

December 27, GKFX – The bounce in GBPUSD lost legs near the 1.2670 level, now consolidating in a tight range just ahead of the midpoint of the 1.26 handle, as the bears fight for control amid a fresh uptick in the US dollar across its main competitors while looming Brexit concerns keep the prices in check.

Brexit Concerns Could Knock-Off the Sterling to 1.2605

The US dollar witnessed volatile moves in the Asian trades, having reversed sharply its overnight rally to a high of 97.11 to print session lows of 96.77 before recovering ground to test the 97 handle. The latest leg higher it the greenback against its major peers can be mainly attributed to an uptick in S&P 500 Futures while markets remain unperturbed by the partial US shutdown.

On the GBP-side of the equation, mounting fears over a disorderly Brexit as we remain about 90 days away from the Brexit, continue to weigh down on the sentiment around the Cable. The Insitute of Directors (IoD) warned that the UK business leaders’ confidence has sunk to 18-month lows as Brexit approaches and little progress remains seen.

Looking ahead, amid thin volumes and a lack of fresh fundamental news from both the UK and the US, the pair will remain at the mercy of the broader market sentiment and USD dynamics.

GBPUSD Technical Outlook

    Today Last Price: 1.2657

    Today Daily change: 16 pips

    Today Daily change %: 0.127%

    Today Daily Open: 1.2641

Trends:

    Previous Daily SMA20: 1.2669

    Previous Daily SMA50: 1.2808

    Previous Daily SMA100: 1.2902

    Previous Daily SMA200: 1.3205

Levels:

    Previous Daily High: 1.272

    Previous Daily Low: 1.2631

    Previous Weekly High: 1.2708

    Previous Weekly Low: 1.2574

    Previous Monthly High: 1.3176

    Previous Monthly Low: 1.2723

    Previous Daily Fibonacci 38.2%: 1.2665

    Previous Daily Fibonacci 61.8%: 1.2686

    Previous Daily Pivot Point S1: 1.2608

    Previous Daily Pivot Point S2: 1.2575

    Previous Daily Pivot Point S3: 1.2519

    Previous Daily Pivot Point R1: 1.2697

    Previous Daily Pivot Point R2: 1.2753

    Previous Daily Pivot Point R3: 1.2786

Disclaimer

This article was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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