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GBP/USD Analysis: Remains Stable

No significant changes in GBP/USD was apparent on Wednesday, as the exchange rate remained at a relatively stable level. The Pound failed to surpass the 55-hour SMA on two occasions and therefore remained below the 1.3020 mark for the second consecutive day. Technical signals on Thursday morning suggest that the rate should not breach the weekly and monthly S1s in the 1.2940/60 area. Thus, it may fall down to the given territory and eventually reverse to the upside. Nevertheless, the economic calendar in this session is full of significant events that may shake the market in any direction. This may set today’s possible trading range quite wide—between the monthly PP and the weekly S2 at 1.3085 and 1.2867, respectively.

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