GBP/USD: Bulls tested 1.3100 on increased odds of Brexit delay
|- Bulls consolidate the rally to 2-month tops, focus on Brexit news.
- Technical set up points to further upside bias, a break above 1.3100 inevitable.
The GBP/USD pair extended its rally into a fourth day in Thursday’s Asian trading and hit fresh two-month tops of 1.3096 amid a potential Brexit delay that continues to underpin the sentiment around the pound.
Meanwhile, the reports that 20 Remain ministers secretly met in Parliament to discuss plans to stop a no-deal Brexit fuelled fresh demand for the GBP across the board. However, the bulls lacked follow-through momentum, sending the rates back near 1.3075 region, as markets trade cautiously amid looming US-China trade worries and ahead of the Senate votes on the re-opening of the government shutdown later today.
On Wednesday, the Cable rallied nearly 140 pips to 1.3081, its highest levels since November. “The catalyst for Sterling's rally was a new amendment coming from Yvette Cooper, which already gathered support from MPs from different parties, aimed to buy the kingdom sometime to prepare an alternative plan if PM May's deal fails to pass the Houses,” Valeria Bednarik, FXStreet’s Chief Analyst noted.
Meanwhile, markets digest the latest comments by the BOE Chief Economist Haldane heading into a data-quiet UK docket. Hence, the focus remains on the no deal Brexit-related headlines and the US macro news for fresh trading incentives.
GBP/USD Technical Levels
GBP/USD
Overview:
Today Last Price: 1.3072
Today Daily change: 0.0000 pips
Today Daily change %: 0.00%
Today Daily Open: 1.3072
Trends:
Daily SMA20: 1.2807
Daily SMA50: 1.2752
Daily SMA100: 1.2894
Daily SMA200: 1.3073
Levels:
Previous Daily High: 1.3081
Previous Daily Low: 1.2941
Previous Weekly High: 1.3002
Previous Weekly Low: 1.2668
Previous Monthly High: 1.284
Previous Monthly Low: 1.2477
Daily Fibonacci 38.2%: 1.3028
Daily Fibonacci 61.8%: 1.2995
Daily Pivot Point S1: 1.2982
Daily Pivot Point S2: 1.2891
Daily Pivot Point S3: 1.2842
Daily Pivot Point R1: 1.3122
Daily Pivot Point R2: 1.3172
Daily Pivot Point R3: 1.3262
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.