Sterling Holds Steady Around 1.2200 with Limited DXY Demand

The British pound has maintained relative stability, hovering around the mid-1.2200 level. This stability can be attributed to a lack of significant demand for the US Dollar Index (DXY). In the previous trading session, the GBP exhibited a more confined trading range, fluctuating between 1.2166 and 1.2245. Notably, there seems to be a subtle upward momentum in play, albeit with a degree of caution.

Looking ahead to today's trading session, there is a possibility that the GBP may surpass the 1.2270 mark and potentially reach levels around 1.2305. However, it is less likely to breach the significant resistance point at 1.2350. For traders and investors, it's essential to keep an eye on the support levels, which currently stand at 1.2170, followed by 1.2105. These levels may provide guidance in assessing potential price movements and trading strategies in the ongoing forex market. 

 

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2350	1.2305	1.2270	1.2170	1.2105	1.2040