GBP/USD Forecast: Held Above A Critical Mid-Term Support

GBP/USD Current Price: 1.2898

• The latest UK election poll showed that Conservatives lead narrowed to 7.0%.
• The UK CBI Distributive Trade Survey on realized sales surprised on the upside in November.
• GBP/USD held above a critical mid-term support at around 1.2810.

The UK released earlier today the CBI Distributive Trade Survey on realized sales, which improved in November to -3% from the previous -10%. This Tuesday, the kingdom’s calendar will remain light, with the only figure scheduled being the October BBA Mortgages Approvals.

GBP/USD Short-Term Technical Outlook

The GBP/USD pair is trading in the 1.2890 region by the end of the American session,  neutral in the short-term, as, in the 4 hours chart, the price is battling with directionless 20 and 100 SMA, but above a bullish 200 SMA. Technical indicators lack directional strength, although the Momentum is leaning lower within negative territory, while the RSI steadies around its mid-line. The pair has managed to recover from the 1.2810 price zone, where it has a critical Fibonacci support. Slides will likely remain contained as long as the price holds above this last.

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