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Forex pairs in this Article » GBP/USD (Córdoba) - The GBP/USD, as most pairs in the FX market, has entered in a rangebound phase as investors gear up for the key event of the week, the US nonfarm payrolls report.

Even though the GBP/USD managed to rise toward the 1.6370 area, underpinned by strong UK housing prices data, it lost momentum and settled in a range contained by the 1.6345 area on the downside. At time of writing, the GBP/USD is trading at the 1.6350 zone, recording a 0.1% gain on the day.

GBP/USD technical perspective

From a technical perspective, the GBP/USD seems ready to extend its recovery, after finding buyers yesterday in the 1.6300 level, according to Valeria Bednarik, chief analyst at "A price acceleration beyond 1.6370 (daily high) should lead to a stronger upward recovery towards 1.6440 weekly high, particularly after the release US employment figures", says Bednarik. "Dips are still seen as buying opportunities all the way down to 1.6270 as only below this last bears will take the lead, eyeing then 1.6220 price zone".
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