The pound is trading at a high level against the dollar, awaiting U.S. economic data

On Monday, during the Asian session, the pound/dollar (GBP/USD) was organized around 1.3360, with a defensive trend, but the bearish power was not yet apparent.

According to EBCForex PlatformAnalysis shows that the exchange rate is still above the 200-day moving average, indicating that the long-term bullish foundation is solid. In the short term, the market remains cautious about the moderate rebound of the US dollar, but the lack of substantive fundamental support for the US dollar's upside, coupled with the impact of the Federal Reserve's policy expectations and potential new chair candidates, the rise of the US dollar is limited.

Global risk appetite has cooled and risk assets have been weak, which has created some safe-haven demand for the dollar, but the attitude of dollar bulls is generally cautious and there is no large-scale buying. Despite the cautious stance expressed by the Federal Reserve last week, the market is still pricing in two interest rate cuts next year, especially with signs of a slowdown in the US job market.

In terms of sterling, a number of UK economic data and central bank events have attracted much attention this week. The UK will release its monthly employment report on Tuesday, CPI data on Wednesday, and the Bank of England (BoE) policy meeting on Thursday.

On the same day, the US will release the consumer price index and the previously delayed non-farm payrolls data for October, which will provide important guidance for the short-term trend of the pound/dollar.

Overall, there is a high probability that the GBP/USD will continue to fluctuate in the short term, and investors are waiting for key data and the central bank's policy statement to provide direction for the exchange rate.

On the daily chart, the medium-term trend remains volatile, and the exchange rate is above the 200-day moving average support.

The key support of the 200-day moving average is around 1.3350, and the short-term moving average is slightly downward, posing a certain pressure.

The lower support focuses on the 200-day moving average and 1.3325 in turn, and looks at 1.3300 further down; the upper resistance pays attention to 1.3385 and 1.3420;

The daily RSI is in the neutral zone, and the MACD red bar is slightly shortened, suggesting that the short-term may continue to oscillate.

Technical signals suggest that the short-term direction of the GBP/USD is uncertain, with key data and central bank policies remaining the dominant factors. The 200-day moving average support is crucial.

editorial opinion

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GBP/USD maintains a defensive pattern in the short term, and the 200-day moving average provides key support. A number of economic data and central bank decisions in the UK and the US this week may trigger short-term fluctuations, waiting for the direction to be chosen.