FXStreet (Córdoba) – GBP/USD has continued to move back and forth within its daily range, unable to set a clear direction after the recovery from 7-year lows was capped by the 1.4360 zone on Friday.
In the absence of major economic indicators, most pairs in the FX market have moved in tandem with investors’ sentiment.
As for GBP/USD, the pair continued to pullback from last week’s high, but the downside was contained by 1.4223, confining the pair to a phase of consolidation. At time of writing, the pair is trading at 1.4235, 0.17% below its opening price.
GBP/USD staged an impressive comeback from a 7-year low of 1.4078 struck on Thursday and managed to close the week with gains, but it is having a hard time trying to extend the bounce on Monday.
GBP/USD levels to watch
On the upside, immediate resistances are seen at 1.4361 (Jan 22 high), 1.4400 (psychological level) and 1.4426 (Jan 15 high). On the other hand, supports could be found at 1.4203/00 (Jan 22 low/psychological level) and 1.4078 (7-year low, Jan 21).
(Market News Provided by FXstreet)