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GBP/USD sticking within recent ranges

FXStreet (Guatemala) - GBP/USD is trading at 1.6004 having posted a daily high at 1.6018 and low at 1.5965.

GBP/USD has been caught in a tight spot within the sideways channel of 1.5940/60 and 1.6030/40 but has not managed to breach through 1.6018/20 and pressures are mounting to the downside again with lower highs.

Jane Foley, Senior Currency Strategist at Rabobank explained that in the weeks ahead both GBP and the USD are likely to be buffeted by economic data releases as the market continues to fine tune is expectations regarding the policy moves from both the Fed and the BoE. “This may be responsible for some volatility in GBP/USD, but we expect that most activity will be contained in the 1.59 to 1.62 range in the next few months”.

GBP/USD noteworthy levels

With spot trading at 1.6004, we can see next resistance ahead at 1.6018 (Daily High), 1.6024 (Daily Classic R1) and 1.6025 (Yesterday's High). Support below can be found at 1.5975 (Daily Classic PP), 1.5974 (Daily Open), 1.5974 (Weekly Low), 1.5965 (Daily Low) and 1.5927 (Yesterday's Low).

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