GBP/USD Current price: 1.3022

  • EU-UK next submit in two weeks, EU's Tusk urged UK to stop "wasting time."
  • Upward potential limited for GBP/USD, risking a test of 1.2880.

The GBP/USD pair regained the 1.3000 level, extending intraday gains up to 1.3040, with the Sterling getting a helping hand from headlines indicating that the latest UK proposal on the Irish border issue, makes finding a compromise possible. Tensions, however, remain as the European Council president, Donald Tusk, said that the UK needs to stop "wasting time" and find a solution on the matter. Speaking alongside with Irish PM Varadkar, Tusk said that the EU is united behind Ireland, in its determination to avoid borders in the island. So far, nor the EU, neither the UK seems willing to give in. There were no macroeconomic news in the UK, and this Friday it will only offer the Halifax House Prices for September.

Meanwhile, the pair settled a handful of pips above the 1.3000 level, up from a daily low of 1.2921. The 4 hours chart shows that the pair was unable to surpass a flat 200 EMA, but so far holds above an also directionless 20 SMA. The Momentum indicator in the mentioned chart maintains its upward slope within positive territory, but the RSI indicator is currently easing around its mid-line, rather limiting the upward potential than favoring a new leg lower. Renewed selling interest below 1.2960, however, should open doors for a steeper decline toward a major static support at around 1.2880.

Support levels: 1.2960 1.2920 1.2880                                                

Resistance levels: 1.3040 1.3085 1.3120

View Live Chart for the GBP/USD

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.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

AUD/USD renews two-month lows near 0.7050

AUD/USD refreshes two-month lows near 0.7050, having stalled its bounce around 0.7075 region. The US dollar appears to have regained poise amid tepid market mood. The focus is now on whether the US dollar gives back some ground ahead of US data, Powell Day 3. 

AUD/USD News

Gold's potential short-term reprieve if USD pulls back

Gold prices have deteriorated in the US dollar's relentless comeback as investors move away from stocks. The price of the dollar is correlated to gold, so it stands to reason that if the dollar is about to tail off its gains, then gold should find reprieve.

Gold News

USD/JPY: This could be the bulls's last dance in the 105, eyes on 103.50s

USD/JPY is stalling at market structure and bears and looking for opportunity to the downside. Bulls might have some upside to go yet, but the air will be getting thinner in those heights.

USD/JPY News

WTI: Oil sellers face rejection below $39.30 for third straight day

WTI fades the drop to sub-$39.30 levels for the third consecutive day. The repeated bear failure may entice buyers and yield a bounce. However, Sept. 18 high remains a level to beat for the bulls.

Oil News

Euro outlook: Is 1.15 next?

Investors continued to sell euros on Wednesday, driving the currency to its weakest level since July. Europe’s greatest fear is materializing with the number of coronavirus cases exceeding 5 million. As we indicated at the start of the week, stricter restrictions are on their way.

Read more

Forex Majors

Cryptocurrencies

Signatures