Last Updated on: 7th December 2023, 11:03 am
On Monday, the pound showed steady strength, failing to sustain a higher level above 1.2760 in the US against the relatively strong dollar.
Investor sentiment turned more cautious earlier in the week following the increased risk seen on Friday. Since the U.S., with indicators closing in on Friday’s non-farm earnings report, market participants are looking for additional information to gauge possible action by the Federal Reserve.
Adding to the uncertainty, the situation in the Middle East, particularly reports of attacks on two merchant ships in the Red Sea, has further reduced risk appetite
Today, the focus of the economic calendar is the US. Ordering offices released. Looking through Tuesday, attention will turn to the UK and US. Jobs PMI is on, and U.S. shaky and open jobs are a precursor to the U.S. in the face of several key performance indicators.
Technically, the currency pair maintains an overall uptrend, with 1.2730 resistance as a barrier to the potential upside at 1.2820 and 1.2900, with support levels at 1.2600 and 1.2480 below.
The Pound retains a lateral trajectory following its incapacity to surpass the 1.2730 mark. Traders exercise caution in anticipation of substantial US information releases in the week.
Despite the modern-day sideways motion, the overarching high-quality trend for the Pound stays unaltered, suggesting an ability for similarly upward motion as soon as marketplace uncertainties subside.
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