Market Overview

GBP/USD Forecast: Holiday-Thinned Trading Will Keep Sterling in 1.2600-1.2700 Range

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GBP/USD Forecast: Holiday-Thinned Trading Will Keep Sterling in 1.2600-1.2700 Range
  • The GBP/USD is trading in a sideways trend capped in a tight trading range of 1.2600-1.2700.
  • The Christmas holiday-thinned trading is expected to keep the currency in a current trading range.

The GBP/USD is trading little changed on the downside at around 1.2630 with currency market moves limited with traders taking days off amid holiday season. With the absence of the economic data and Brexit-related headlines, the range-bound trading is expected to prevail throughout the week with trading activity resuming in the upcoming week after New Year’s Day holiday. 

The economic calendar in the US is set to deliver the initial jobless claims data on Thursday and the Conference Board consumer confidence with both dataset to deteriorate slightly.

Technically, the GBP/USD is still moving sideways within a downward sloping trend while the currency pair remained capped in a one big figure trading range of 1.2660-1.2700 on a 1-hour chart. The technical oscillators including Momentum and the Relative Strength Index both dwell in the neutral territory. The Slow Stochastics is about to make a bullish crossover just above the oversold territory. The holiday-thinned session is expected to see GBP/USD range-bound within 1.2600-1.2700.

GBP/USD 1-hour chart

gbpusd_1-hour_chart-636815098272873103.png

Posted-In: FXStreet GBP/USDNews Forex Global Markets

 

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