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GBP/USD enters wait and see mode - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the GBP/USD is stuck midrange between Fibonacci levels on Monday, ahead of a string of key UK releases including CPI readings and BoE meeting minutes.

Key quotes

"Attempts to rise remained contained by the 38.2% retracement of the latest bearish daily run around 1.6280, with the 1 hour chart showing a quite neutral technical stance as per latest constrained range."

"In the 4 hours chart indicators turned lower but remain above their midlines, with price approaching a bullish 20 SMA around 1.6220 immediate short term support."

"Anyway a break below 1.6190, 23.6% retracement of the same rally, is required to confirm a more steady intraday decline towards 1.6140/50 price zone."

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