(VIANEWS) - GBP/USD remains sidelined while licking its wounds around 1.2850 after the heavy weekly fall during early Monday morning in Asia. In doing so, the Cable pair seesaws between the 100 and 200 Exponential Moving Average (EMA) as the oscillators appear poking bears ahead of the key preliminary readings of the UK and US PMIs for July.
As reported by FXStreet, also read:GBP/USD Weekly Forecast: Down but not out, awaiting the Fed
With this, GBP/USD remains sidelined unless trading between the aforementioned EMA envelope, currently between 1.2890 and 1.2790.
GBP/USD (GBPUSD) has been up by 1.74% for the last 5 sessions. At 04:08 EST on Monday, 24 July, GBP/USD (GBPUSD) is $1.28.
Gbp/usd price analysis: cable portrays pre-data anxiety within key EMA envelope around 1.2850
With this, GBP/USD remains sidelined unless trading between the aforementioned EMA envelope, currently between 1.2890 and 1.2790., Meanwhile, a downside break of the 200-EMA support of around 1.2790 isn't a clear call for the GBP/USD sellers as an upward-sloping support line from late May, near 1.2770 at the latest, could challenge the bears.
Pound sterling price news and forecast: gbp/usd recovers early lost ground to the 1.2860 area
The GBP/USD pair attracts some follow-through buying and bounces off the 1.2815 mark on Monday. , With this, GBP/USD remains sidelined unless trading between the aforementioned EMA envelope, currently between 1.2890 and 1.2790.
GBP/USD's yearly highs and lows, it's 23.788% up from its 52-week low and 2.237% down from its 52-week high.
Volatility
GBP/USD's last week, last month's, and last quarter's current intraday variation average was a negative 0.36%, a positive 0.04%, and a positive 0.37%, respectively.
GBP/USD's highest amplitude of average volatility was 0.36% (last week), 0.39% (last month), and 0.37% (last quarter), respectively.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, GBP/USD's Forex is considered to be overbought (>=80).
Previous days news about GBP/USD (GBPUSD)
- Pound sterling price news and forecast: gbp/usd drops amid strong US dollar. According to FXStreet on Saturday, 22 July, "The GBP/USD trades at 1.2851, losing 0012%, after hitting a daily high of 1.2904. "
- Gbp/usd: weekly forecast 23rd July - 29th July - 23 July 2023. According to DailyForex on Sunday, 23 July, "The Fed's FOMC Statement will produce price velocity in the GBP/USD as reactions mount. ", "The GBP/USD did climb above 1.31000 momentarily on Monday and fought to its high for the week on Tuesday near the 1.31270 vicinity, before the wheels fell off for bullish traders and values started to see strong selling ignite and continue the remainder of the week."
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