Will the range-bound GBP/USD pair show a clear direction, or should we wait and see how it moves during U.S. trading hours?

Will the range-bound GBP/USD pair show a clear direction, or should we wait and see how it moves during U.S. trading hours?

30.01.2026

In the U.S. currency market yesterday, the U.S. dollar fell against the yen. The USD/JPY pair traded between 152.672 and 153.534, with price action straddling the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair is breaking above the 20-period moving average (MA), which had been acting as resistance. On the daily chart, while the 200-period exponential moving average (EMA) is providing support on the downside, resistance on the upside is becoming stronger. Notably, during today’s Asian trading session, the pair reversed course without testing yesterday’s low and has since reached a new high.

Among European currencies, the pound traded sideways against the U.S. dollar. The GBP/USD pair fluctuated between 1.3742 and 1.3847. Price action lacked direction, fluctuating around the 20-period moving average on the hourly chart.On the 4-hour chart, the pair is breaking below the 10-period moving average (MA) that had been providing support, and on the daily chart, it is in the midst of a pullback from the +3σ level of the Bollinger Bands. Furthermore, during today’s Asian trading session, upside gains have been limited while the pair has been testing lower levels.

Today’s economic indicators include the Tokyo Metropolitan Area Consumer Price Index and Japan’s employment statistics at 8:30 a.m., Japan’s retail sales and department store/supermarket sales, and Japan’s industrial production; at 9:30, Australia’s Producer Price Index; at 14:00, Japan’s housing starts; at 15:00, South Africa’s money supply; at 17:55, Germany’s employment statistics; at 18:00, Germany’s real GDP;6:30 PM UK Money Supply, 7:00 PM Eurozone Real GDP, Eurozone Employment Statistics, 10:00 PM German Consumer Price Index, 10:30 PM U.S. Producer Price Index, Canadian Real GDP, U.S. Producer Price Index (December),at 11:45 PM: U.S. Chicago Purchasing Managers’ Index; at 3:30 AM: Remarks by U.S. St. Louis Fed President Musalem are scheduled. With the GBP/USD pair in a tight range, I’ll be watching price action during U.S. trading hours to see if it breaks out in either direction.