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The GBP/USD pair remains in a familiar range that has persisted over the past week.

The GBP/USD pair remains in a familiar range that has persisted over the past week. | 16 October 2024

16 October 2024, GBP/USD

The GBP/USD pair remains in a familiar range that has persisted over the past week.

GBPUSD:

The GBP/USD pair is trading around 1.3065 today, although it lacks bullish confidence. The release of the UK Consumer Price Index news event weakened the Pound against the Dollar.

Ahead of the key data release, speculation that the Bank of England (BoE) may move to accelerate its rate cut cycle continues to undermine the British Pound (GBP) and act as a headwind for the GBP/USD pair. That said, the moderate decline in the US Dollar (USD) is providing some support to the currency pair and helping to limit the downside.

From a technical perspective, the range-bound price action can still be categorized as a bearish consolidation phase amid the recent pullback from the 1.3435 area, or the highest level since March 2022, reached last month. In addition, the oscillators on the daily chart are holding in negative territory and are still far from the oversold zone.

Trading recommendation: Trading mainly by Sell orders from the current price level.

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David Johnson
Analyst of «FreshForex» company
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