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The pound is heading toward posting weekly gains for the third consecutive week, benefiting from the easing risk of inflationary pressures in the United States. This provided a positive sentiment boost for holders of major currencies like the Pound, as producer prices showed a slowdown in July, thereby reducing bets on a Fed rate hike at the September meeting.
The pound is trading up 0.27% against the dollar this week, approaching an important resistance zone whose price reaction we will be monitoring. The region near $1.3550 per pound acts as an extension of a resistance line tested on 3 previous occasions; clearing that resistance could add further positive momentum to the pound's movement.
As a general framework, the pound's price action can be described as moving sideways since the beginning of this year up until the time of writing this report, oscillating within a range between $1.3150 as a support zone and $1.3600 as a resistance zone. Therefore, current pound trading near an important resistance zone is crucial for determining whether the pound will break free from its sideways nature or if resistance will hold strong and keep it within the horizontal trend, according to technical analysts.
Figure: GBPUSD, Daily, TradingViewDisclaimer: The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.
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