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10 Nov 2017

GBP/USD steady in the mid-1.3100s

  • Cable stays within 1.3140/60 range.
  • Brexit concerns continue to linger.
  • UK’s industrial/manufacturing production next on tap.

The Sterling is trading within a tight range vs. the greenback at the end of the week, taking GBP/USD to the 1.3140/60 band following the Asian session.

GBP/USD attention to data

Cable is advancing for the second consecutive session so far today, gathering extra pace after printing weekly lows in the 1.3060/55 band on Monday.

As usual, GBP remains under pressure in response to omnipresent concerns over Brexit and the lack of convincing progress in the ongoing negotiations. In addition, the recent effervescence in PM Theresa May’s cabinet has been also weighing on the British Pound.

Looking ahead, and apart from Brexit issues, GBP will look to today’s calendar for direction, with September’s industrial and manufacturing production due later along with the NIESR GDP estimate.

Data across the Atlantic will only see the preliminary gauge of the US consumer sentiment for the current month.

GBP/USD levels to consider

As of writing the pair is losing 0.05% at 1.3140 facing the immediate support at 1.3107 (100-day sma) seconded by 1.3064 (support line) and finally 1.3039 (low Nov.3). On the upside, a breakout of 1.3180 (21-day sma) would expose 1.3216 (55-day sma) and then 1.3242 (resistance line). Further out, FXStreet’s Technical Confluence Index (TCI) notes a strong resistance area in the mid-1.3100s, where converge a Fibo retracement and 4-hour highs.

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