GBP/USD traders will have found life difficult this week with the pair moving sideways to marginally higher in a tight trading range. Both the British Pound and the US dollar have had little reason to move either way with a lack of market-moving data and events so far this week weighing on price action. This is likely to change as a number of high-importance data releases hit the screens today and tomorrow.
For all market-moving data releases and events, see the DailyFX Economic Calendar
One piece of news that may boost Sterling in the longer term is expected to be announced tomorrow, according to media reports. According to The Daily Telegraph, Britain is set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) an Indo-Pacific trade group that would give UK companies access to tens of millions of new customers and a USD10 trillion marketplace.
GBP/USD is nudging higher but this week’s range is less than 150 pips, while the Average True Range (ATR) is at a multi-month low. The daily chart remains positive with cable trading above all three moving averages, while a break above yesterday’s 1.2362 high would see the pair back at highs last seen at the beginning of February. A bullish break higher will likely target 1.2448, while a cluster of recent highs and lows down to 1.2172 should provide support.
GBP/USD Daily Price Chart – March 30, 2023
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