GBP/USD Trading Between The Goalposts

With all the talks in the UK about recovery and about investment, a look at the Pound Sterling is warranted. The pair on a daily basis is currently between the 100 and 200 Day moving average goalposts. The trend for the pair over the past 2 weeks has been to the upside. Most likely due to lack of economic data today, the pair is sitting in an area of resistance near the 1.5305 area. Traders would call the pair range bound at the moment, with the pair needing a clean break over the 1.5350 area to signal further movement to the upside. The long term target being the 200 Day moving average at 1.5629.

On the hourly chart we can see this sideways activity. Below the current price, the 100 hour moving average (blue) is at 1.5201 and the 200 hour moving average (green) is at 1.5151. Traders will be looking for a clear signal as to if and when the pair will return to trend.

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