GBP/USD was rejected at 1.2400 for the fifth straight day as traders brace for a busy calendar.
The US Federal Reserve and Bank of England monetary policy decisions, are looming and would keep investors at bay.
GBP/USD Price Analysis: Sideways, trapped within the 1.2340-1.2430 range.
GBP/USD losses ground in the New York session, ahead of a busy week in the global economic docket, with major central banks hosting monetary policy decisions. The US Federal Reserve (Fed) is expected to raise rates by 25 bps, while the Bank of England (BoE) would likely lift rates by 50 bps, with analysts estimating that after February’s decision, the BoE would pause. At the time of writing, the GBP/USD is trading at 1.2367.
GBP/USD Price Analysis: Technical outlook
Consolidation is the game’s name in the case of the GBP/USD failing to break above/below the top/bottom of the 1.2430/1.2344. Even though it’s sliding to a fresh day’s low at 1.2367, it would keep range-trading in the previously mentioned area. However, the GBP/USD is closing into a 13-day upslope support trendline, which, once cleared, the GBP/USD could tumble to the 1.2300 figure, followed by the 20-day Exponential Moving Average (EMA) at 1.2277.
As an alternate scenario, the GBP/USD’s reclaiming 1.2400, then the GBP/USD could rally towards the 1.2500 area, but on its way north, it would need to face the December 14 high of 1.2446.
Oscillators like the Relative Strength Index (RSI) and the Rate of Change (RoC) suggest further downside is expected.
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