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Mar 04 - 01:55 PM

GBP/USD - Tests Top Of Recent Range Ahead Of Data, Powell Testimony

By Paul Spirgel  —  Mar 04 - 01:05 PM
  • GBP$ +0.36% to 1.2697 in NorAm afternoon trading; Monday range 1.2706-1.2656

  • Pair flirts with daily cloud top res at 1.2698, 1.27 caps for now

  • Several attempts to breach cloud top since late-Feb have failed

  • Sterling eyes trend highs above 1.27 pre-Powell testimony nL2N3FI1E3

  • Copious U.S. data this week, PMIs, ISM svcs, ADP and payrolls in focus

  • Several tests of downside failed, bulls now eye test of Feb 22's 1.2710 high

  • GBP$ res 1.2710 Feb 22 high, 1.2748 upper 30d Bolli, 1.2788 Jan 11 2024 high

  • Supt Monday low 1.2656, 30-DMA 1.2649, 1.2600 Fri low/daily cloud base

Source:
Refinitiv IFR Research/Market Commentary

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