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GBPUSD : Mitigation Before the Fed and of a New High

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The GBP/USD remains in a defensive position, trading in the negative territory around 1.2650 during the American session on Tuesday. The careful market approach is assisting the USD in maintaining resilience against its competitors following a release of mixed data. This cautious sentiment is putting pressure on the currency pair as it approaches the upcoming Fed and BoE meetings. The GBP/USD experienced little change at the beginning of the week but encountered slight bearish pressure early on Tuesday. During the European session, the pair is trading below 1.2700, and the technical analysis suggests a lack of interest from buyers. The prudent market stance is bolstering the US Dollar (USD), creating challenges for the GBP/USD to gain momentum on Tuesday. Investors are particularly uneasy about the escalating conflict in the Middle East. This negative sentiment is reflected in US stock index futures, which are trading in the red. Concurrently, the FTSE 100 Index in the UK opened higher but retreated slightly. If Wall Street's main indices turn positive after the opening bell, the USD might weaken, aiding the GBP/USD in limiting its losses. The US economic calendar will highlight December JOLT Job Openings data and the Conference Board's Consumer Confidence Index for January, which improved to 110.7 from 101.0 in November. While a positive sentiment could boost demand for the USD, investors are unlikely to take significant positions ahead of the policy announcements from the Federal Reserve and the Bank of England on Wednesday and Thursday, respectively.
The price has reacted well in the demand zone at the 1.26-1.2640 level with a bounce at the 0.705 Fibonacci level. The upward movement seems interesting, but I don't believe the price can gather much momentum given the swing high at the 1.2720 level and the high liquidity that the price could absorb before retracing further. So, I expect another day of consolidation awaiting the Fed, and then we'll see if the price can indeed push higher towards the 1.2750 area as the first target. I will keep you updated on the situation, keep an eye on macro data. Happy trading to all, greetings from Nicola.

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The price is inside a perfect zone ( 0.62-0.78 Fibonacci levels ), we will see if the BOE will bring it to 1.28

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Good reaction after the BOE, target almost hit!