GBP/USD stuck in tight range around 1.2975

Having faced rejection just below 1.30 handle, the GBP/USD pair drifted lower and now trades around a flat-line amid a data-light UK docket ahead.

GBP/USD: Attention turns to US data

Currently, GBP/USD trades almost unchanged at 1.2978, having posted day’s high at 1.2993 and day’s low at 1.2950. The cable is seen extending its downside consolidation phase for the second straight session, with markets now awaiting a fresh batch of US and UK economic data to gauge next direction in the major.

Moreover, calm has spread across the markets, in light of the first US presidential election debate and a string of speeches from the Fed officials, which are likely to have a significant impact on the USD price-action that will eventually impact GBP/USD.

GBP/USD Levels to consider            

The pair has an immediate resistance at 1.2996 (5-DMA), above which 1.3033 (daily R2) and 1.3090 (Sep 23 low) would be tested. On the flip side, support is seen at 1.2943 (Sept 21 low) below that at 1.2900 (key support) and at 1.2872/63 (Aug 16 & 15 low).