/GBP/USD heading for January highs above 1.43 | by Author: Joshua Gibson | FXStreet

GBP/USD heading for January highs above 1.43 | by Author: Joshua Gibson | FXStreet

Risk appetite from Monday’s session leaves the GBP/USD knocking on the pair’s January high. Low-tier data dots Tuesday’s macro calendar, and market sentiment will drive overall action. The GBP/USD  is heading into the European session trading on the high side around 1.4235 following Monday’s risk-on run up from the 1.4130 that kicked off the week’s action. The macro calendar is a light showing for the Sterling in Tuesday’s market session, however the Bank of Engaland’s (BoE) Financial Policy Committee will be dropping their FPC Meeting Minutes at 08:30 GMT. The FPC Meeting Minutes is a general overview of financial system stability within the UK, and is unlikely to drive much market action. A slew of low-tier macro data awaits in the US session, but the most impactful will be the Home Price Indices at 13:00 GMT and a speech from the FOMC’s Raphael Bostic at 15:00. Before Bostic speaks at an economic summit, the Conference Board will be dropping the results of their Consumer Confidence survey at 14:00 GMT, and the number is forecast at 131.2 versus the previous reading of 130.8. Risk appetite swung back into markets in the Monday markets as fears over a trade war between the US and China have subsided, but risk is middling heading into Tuesday’s Asia session hesitant, with the Japanese government land sale scandal coming into focus once again and forcing traders onto the back foot. GBP/USD Levels to watch March has been a steady upswing for the Sterling against the US Dollar, and the pair is close to resistance at January’s high of 1.4345, with near-term resistance at 1.4275. Support is currently sitting at previous resistance-turned-support at the 1.4170 level, and further support at the week’s low of 1.4130.