GBP/USD paddled in a tight circle near 1.2750 on Monday, kicking off a new trading week by sticking close to where it ended the previous one.
GBP/USD struggled to make headway in either direction on Monday. Traders are taking a breather before key US inflation data. UK economic data is thinly-represented on the economic calendar this week. Key US Consumer Price Index inflation data is due during the midweek market session. Pound Sterling traders can expect to fall on the mercy of broad-market sentiment with a crimped economic calendar on the UK side. Monday was a low-key affair overall for Cable traders.
2600 and then at the recent swing low of 1.2550. The MACD indicator shows early signs of bullish divergence, as the MACD line continues to edge higher, moving closer to the signal line. While this indicates fading bearish momentum, it is insufficient to confirm a reversal unless GBP/USD clears the key resistance near the 50-day EMA. Traders should monitor price action closely, as a rejection from current levels could reinforce the broader downtrend, while a breakout above 1.
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