- GBP/USD remains range-bound below 1.2550 amid thin trading volumes as the Christmas holiday approaches.
- The US Dollar holds steady but lacks strength following mixed US economic data.
Pound Sterling Consolidates Against USD in Holiday-Shortened Week
The Pound Sterling (GBP) trades in a narrow range above the key support level of 1.2500 against the US Dollar (USD) during Tuesday’s London session. The GBP/USD pair consolidates as trading volumes remain low due to the holiday-shortened week with Christmas Eve and Boxing Day on Wednesday and Thursday.
Similarly, the US Dollar Index (DXY), which measures the Greenback’s value against six major currencies, also moves sideways around 108.15.
GBP/USD Forecast: Pound Sterling Remains Directionless Below 1.2550
GBP/USD trades sideways in a narrow range below 1.2550 during Tuesday’s European session, following slight losses on Monday. The pair is expected to face challenges in finding a clear direction in the near term, with thin trading conditions prevailing ahead of the Christmas holiday.
The US Dollar held steady on Monday but struggled to gain momentum after mixed macroeconomic data from the US.
