GBP/USD Oscillates in a 40-Pips Range, Awaits Impetus
The cable found fresh offers once again near higher levels and drifted lower thereon, with GBP/USD now heading back towards daily lows.
GBP/USD fails once again near highs
The
GBP/USD pair trades 0.11% higher at 1.4339, heading for a retest of
daily lows printed at 1.4320 earlier on the day. The cable witnessed
wild swings post European open, with the pound being smashed by the
greenback to session lows, only to find bids and swing back higher,
despite negative European equities and fresh selling seen in the oil
prices.
From a wider perspective, the GBP/USD pair remains
supported and displays buy on dips strategy by markets on the back of
anti-Brexit news, with the fresh referendum polls favouring staying in
the EU. Looking ahead, the macro calendar remains almost dry, with the
weekly report of the US oil rig count issued by Baker Hughes on sight.
GBP/USD Levels to consider
The
pair has an immediate resistance at 1.4369 (Daily high), above which
1.4400 (psychological levels) would be tested. On the flip side, support
is seen at 1.4300 (round figure) below that at 1.4275/66 (10-DMA/ 1h
200-SMA).
