20.10 - GBP/USD seesaws inside the 1.2935/60 trading range
- by George Solotarov
GBP/USD picks up bids to 1.2950 while heading into Tuesday’s London open. Even so, the Sterling looks for a clear direction as it keeps the 25-pip range by the time of the press. While fears of no-deal Brexit have gained momentum after the UK’s “NO” to further talks, the absence of any updates keep the pair traders troubled. Not only in the London but Washington also suffers from mixed signals, concerning the stimulus deadlock, while challenging the quote’s moves.
The 1.2900-1.3015 region, comprising an area between 21-day and 50-day SMA, restricts short-term moves of the GBP/USD prices. However, the bulls are likely to occupy the throne unless the quote slips below the 200-day SMA level surrounding the 1.2700 threshold.