#GBPUSD @ 1.21676 The is seeing a bounce as the US Dollar eases back ahead of mid-week Fed.

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• The GBP/USD is seeing a bounce as the US Dollar eases back ahead of mid-week Fed.

The pair currently trades last at 1.21676.

The previous day high was 1.2163 while the previous day low was 1.2106. The daily 38.2% Fib levels comes at 1.2128, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2141, expected to provide support.

The GBP/USD is finding some bids for Monday, rebounding from the day’s early lows just south of the 1.2100 handle, and the Pound Sterling has a target set on 1.2200 ahead of the Federal Reserve’s (Fed) Wednesday rate call. The Fed will beat the Bank of England (BoE) to the punch on central bank action this week, with the BoE slated for the day after.

Both central banks are expected to keep rates steady this week, especially with another round of US Non-Farm Payrolls on the docket for Friday, but investors are approaching both monetary policy institutions with very different attitudes.

Market to punish GBP on impression that BoE is not doing enough – Commerzbank

Concerns continue to mount that the UK’s central bank is risking too little movement, exposing the British economy to further inflation despite a lagging economy set to tip even further into the downside if rates go up any higher.

On the US side, investors are all but hoping and pleading for the Fed to get pushed into a rate cut cycle sooner rather than later, but a firm economy and limited downside sees the Fed set to hold rates higher for longer.

The Pound Sterling is bidding up on Monday climbing over 0.6% from the day’s early-week lows below 1.2100, and the pair is set for a re-challenge of 1.2200 as long as GBP bidders can hang onto the near-term uptrend.

The Price floor for the GBP/USD sits nearby at eight-month lows near 1.2037, while technical resistance sits at the last swing low near 1.2300.

The 50-day Simple Moving Average (SMA) is dipping into the 1.2350 region, while the 200-day SMA is capping off long-term upside from 1.2450.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2164 at the time of writing. Pair opened at 1.2121 and is trading with a change of 0.35 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.2175, 50 SMA 1.2352, 100 SMA @ 1.257 and 200 SMA @ 1.2439.

The previous day high was 1.2163 while the previous day low was 1.2106. The daily 38.2% Fib levels comes at 1.2128, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2141, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2097, 1.2073, 1.204
• Pivot resistance is noted at 1.2154, 1.2187, 1.2211

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