The Sterling should be guided by the 55-hour SMA in this session.
The pair is supported by the 55-hour SMA which might hinder the expected decline today.
The Sterling managed to shot up to a senior trend-line circa 1.4220 early today, so a reversal might occur.
The pair is expected to respect a two-week channel and edge lower.
In case the bearish sentiment takes over the market, the strong support of the 55-, 100- and 200-hour SMAs and the weekly PP is likely to stop a fall below 1.4050.
The Pound is likely to edge higher to test the 1.4050 level.
GBP/USD has not left the 1.4020/1.4100 range for the fifth consecutive session.
The Pound continues to move in a narrow range between the 55-, 100- and 200-hour SMAs.
The Sterling breaches the 100-hour SMA early on Tuesday, thus adding some bullish sentiment to the market.
The Sterling is likely to breach short-term channel today that result in a surge up to the 1.41 mark.
Movement potential is apparent in both directions; however, it is more likely that the Pound tries to test the 1.41 level.
The Pound tests the bottom boundary of a four-week channel near 1.4050.
In case the prevailing channel up is to prevail, traders might see a fall down to the 1.41 area this week.
The Census Bureau reported that the country's core durable goods orders came in better than expected, posting 1.2% uptick in February and surpassing the forecast of a 0.5% surge.
The Census Bureau reported that the country's core durable goods orders came in better than expected, posting 1.2% uptick in February and surpassing the forecast of a 0.5% surge.
The British Pound jumped versus the Greenback after the UK official bank rate was released on Thursday.
The British Pound strengthened against the Greenback, following one high and two medium impact releases that were published simultaneously on Friday.
The British Pound weakened against the Greenback, following the releases of the UK Consumer Price Index and Producers Price Index.
The US Census Bureau revealed on Friday that the US building permits data did not meet expectations, showing the growth pace of only 1.30M units in February, following the downwardly revised 1.38M reading in the prior month.
The US Census Bureau revealed on Friday that the US building permits data did not meet expectations, showing the growth pace of only 1.30M units in February, following the downwardly revised 1.38M reading in the prior month.
The three simultaneously released reports created small increase in volatility in the financial currency market.
The US Census Bureau revealed on Wednesday that US retail sales data did not meet the expectations, instead the gauge fell by 0.1% in March, continuing the slowdown in the first quarter of 2018.
The US Bureau of Labour Statistics revealed on Tuesday that February consumer price index hit the forecasts, rising at a 0.2% pace, following the 0.5% up-move recorded in the previous month.
The Sterling depreciated against the US Dollar, following the release of factory output data on Friday.