GBP/USD sticks to dismal UK data-led weakness, around 1.2900 handle
| • Disappointing UK macro data further dents the already weaker sentiment around GBP.
• A modest USD pull-back from multi-week tops helped limit deeper losses, at least for now.
• Investors still seemed reluctant to place aggressive bets amid persistent Brexit uncertainties.
The GBP/USD pair held on to its disappointing UK macro data-led weakness and is currently placed at the lower end of its daily trading range, around the 1.2900 handle.
The British Pound remained depressed at the start of a new trading week and weakened further, dropping to an intraday low level of 1.2894 against the buck, in a knee-jerk reaction to today's dismal UK macro releases.
The downtick, however, turned out to be rather short-lived, with a modest US Dollar pull-back from multi-week tops prompting some short-covering move during the mid-European trading session.
The greenback failed to capitalize on the early up-move and was now being weighed down by a slight improvement in risk-sentiment, further reinforced by a goodish pickup in the US Treasury bond yields.
Meanwhile, the pair lacked any firm directional bias and remained well within the post-BoE trading range as investors still seemed reluctant to place any aggressive bets amid persistent Brexit uncertainties.
Hence, it would be prudent to wait for a strong follow-through selling or a sustained move beyond the key 1.30 psychological mark before positioning for the pair's next leg of a directional move.
Technical levels to watch
GBP/USD
Overview:
Today Last Price: 1.2917
Today Daily change %: -0.14%
Today Daily Open: 1.2935
Trends:
Daily SMA20: 1.3002
Daily SMA50: 1.2812
Daily SMA100: 1.2891
Daily SMA200: 1.3024
Levels:
Previous Daily High: 1.2976
Previous Daily Low: 1.2921
Previous Weekly High: 1.3103
Previous Weekly Low: 1.2854
Previous Monthly High: 1.3214
Previous Monthly Low: 1.2438
Daily Fibonacci 38.2%: 1.2942
Daily Fibonacci 61.8%: 1.2955
Daily Pivot Point S1: 1.2912
Daily Pivot Point S2: 1.2889
Daily Pivot Point S3: 1.2856
Daily Pivot Point R1: 1.2967
Daily Pivot Point R2: 1.3
Daily Pivot Point R3: 1.3023
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.