GBP/USD reverses part of the recent weakness and revisits 1.2370.

GBP/USD adds to Friday’s gains and retests the 1.2370/75 band.The greenback trades without direction near 104.20/30.

Markets’ attention is expected to be on Friday’s US Payrolls.Despite the broad-based range bound theme in the global markets, GBP/USD manages to gather further upside impulse and revisit the 1.2370 region on Monday.

GBP/USD looks at USD, risk trends.GBP/USD trades with gains for the second session in a row amidst the dollar’s vacillating price action and the generalized flattish mood in the global markets due to the US Memorial Day holiday and the UK’s Spring Bank Holiday.

Moving forward, investors’ attention should refocus on the release of US Nonfarm Payrolls for the month of May (June 2), which might have direct implication in the Fed’s interest rate decision on June 14, while further tightening is expected from the BoE also in June, particularly following sticky inflation figures during last month.There were no data releases/events in the UK docket on Monday.

GBP/USD levels to consider

As of writing, the pair is gaining 0.01% at 1.2344 and the surpass of 1.2409 (55-day SMA) would open the door to 1.2668 (2023 high May 8) and then 1.2864 (200-week SMA). On the downside, the next support emerges at 1.2308 (monthly low May 25) seconded by 1.2274 (monthly low April 3) and finally 1.2010 (weekly low March 15).

EUR/USD loses recovery momentum, stays above 1.0700

EUR/USD has lost its traction after having recovered toward 1.0750 earlier in the day and retreated below 1.0720. The trading action remains subdued in financial markets on Monday as US markets remain closed in observance of the Memorial Day holiday.

EUR/USD News

GBP/USD retreats below 1.2350 in quiet day

GBP/USD has erased its gains and turned flat on the day slightly below 1.2350 on Monday. The pair is likely to have a difficult time finding direction in the second half of the day as UK and US markets enjoy a long weekend.

GBP/USD News

Gold extends sideways grind near $1,950

Gold price continues to fluctuate in a tight channel at around $1,950 following last week’s sharp decline. With US bond markets remaining closed on Memorial Day, XAU/USD struggles to find a directional catalyst ahead of this week’s key data releases.