Back

GBP/USD regains 1.2900 and beyond, focus on Brexit/ UK politics

  • Bulls look to retest multi-day tops at 1.2934 despite mixed markets.
  • Holiday-thinned light trading and Brexit news to influence the spot.

The GBP/USD pair is back on the 1.29 handle and looks test three-day tops at 1.2934, as the bulls take back charge following a brief dip to 1.2892 lows amid souring risk appetite and a minor US dollar comeback.

The European markets are trading on a cautious foot on the first trading day of this week, as the sentiment remains undermined by concerns over the global economic slowdown that has helped revive some bids in the US dollar across its main competitors.

But the GBP bulls quickly regained control after the UK Cabinet Office Minister Lidington noted that the UK government is having useful discussions on Brexit with Brussels, as markets eagerly await the outcome of the meeting between the UK PM Theresa May and the European Commission President Juncker scheduled later today.

Meanwhile, markets digest the latest reports on the UK politics, citing that a group of UK Labour MPs are set to announce resignation at 1000 GMT – ITV News. On Friday, the Cable rallied hard following a broad-based US dollar sell-off on downbeat US macro news and dovish Fedspeak. Also, stellar UK retail sales report helped keep the buoyant tone intact around the pound.

Looking ahead, “given the UK-EU stalemate over the Irish backstop issue, the pair remains at the mercy of incoming Brexit headlines amid absent relevant market moving economic releases either from the UK or the US and the President’s Day holiday in the US”, FXStreet’s Analyst Haresh Menghani notes.

GBP/USD levels to watch

Overview:
    Today Last Price: 1.2918
    Today Daily change: 26 pips
    Today Daily change %: 0.20%
    Today Daily Open: 1.2892
Trends:
    Daily SMA20: 1.2992
    Daily SMA50: 1.2824
    Daily SMA100: 1.2878
    Daily SMA200: 1.3007
Levels:
    Previous Daily High: 1.2898
    Previous Daily Low: 1.2785
    Previous Weekly High: 1.2959
    Previous Weekly Low: 1.2773
    Previous Monthly High: 1.3214
    Previous Monthly Low: 1.2438
    Daily Fibonacci 38.2%: 1.2855
    Daily Fibonacci 61.8%: 1.2828
    Daily Pivot Point S1: 1.2818
    Daily Pivot Point S2: 1.2745
    Daily Pivot Point S3: 1.2705
    Daily Pivot Point R1: 1.2932
    Daily Pivot Point R2: 1.2972
    Daily Pivot Point R3: 1.3045

 

EUR/USD Technical Analysis: Spot remains supported by 2018 low at 1.1215

EUR/USD daily chart EUR/USD Overview:     Today Last Price: 1.131     Today Daily change: 36 pips     Today Daily change %: 0.11%     Today Daily
Baca selengkapnya Previous

NZD/USD surrenders a major part of early gains to 0.6900 neighborhood, or 1-1/2 week tops

   •  RBNZ's optimistic outlook continues to underpin domestic currency - NZD.    •  US-China trade optimism/renewed USD selling bias remained support
Baca selengkapnya Next