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British Pound (GBP) Price Outlook: Range-Trading Opportunities in GBP/USD

British Pound (GBP) Price Outlook: Range-Trading Opportunities in GBP/USD

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • GBP/USD continues to trade sideways around the 1.4150 level, providing opportunities for range traders.
  • Attention this session will be on the UK Prime Minister’s former chief advisor, Dominic Cummings, as he answers questions from Members of Parliament.

GBP/USD range trades

GBP/USD continues to trade around the 1.4150 level between resistance at the 1.4234 May 21 high and support at the 1.4099 May 19 low. For now those levels will likely hold, with the pair easing back if it hits 1.4234 and bouncing if it comes close to 1.41. Note, though, that the longer-term trend higher remains in place so if GBP/USD is to break out it will be more likely to the upside than the downside.

GBP/USD Price Chart, Four-Hour Timeframe (April 30 – May 26, 2021)

British Pound (GBP) Price Outlook: Range-Trading Opportunities in GBP/USD

Source: IG (You can click on it for a larger image)

From a fundamental perspective, little has changed recently for the currency pair. However, attention this session will be on testimony by UK Prime Minister Boris Johnson’s former chief adviser Dominic Cummings to Members of the UK Parliament.

Appearing before members of two committees holding a joint enquiry into the handling of the Covid-19 pandemic, Cummings is expected to be highly critical of the Government and the Prime Minister.

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.