GBP/USD Current Price: 1.2341

  • Rumors suggest the EU is preparing to grant the UK a delay to Brexit.
  • Dollar fades its inflation-inspired rally as risk appetite returns.
  • GBP/USD intrinsically bullish, as long as a hard-Brexit chances remain low.

The GBP/USD pair is ending Thursday marginally higher around 1.2340, recovering from 1.2282 a weekly low. The Sterling was dragged lower by the common currency which plunged with the ECB’s announcement, while the dollar got a modest boost from better-than-expected US inflation data. Nevertheless, the pair quickly recovered, also following the lead of its European counterpart, later finding support in news indicating that the EU was preparing to grant the IK another delay to Brexit. According to the leaked document, the European Parliament is planning to offer an extension to avoid a no-deal Brexit. A sign that the EU doesn’t want the UK to crash out of the Union without a deal seems an encouraging hint for Sterling bulls. This Friday, the UK macroeconomic calendar will remain empty.

GBP/USD short-term technical outlook

The short-term picture for the GBP/USD pair is neutral-to-bullish as, in the 4 hours chart, it’s developing above its moving averages after briefly piercing the 20 SMA. Technical indicators in the mentioned chart remain within familiar levels, with the Momentum seesawing around its mid-line and the RSI currently at around 58 with a modest upward slope. The key resistance is 1.2384, the high set earlier this week with more chances of a bullish extension on a break above this last. Slides toward 1.2265 won’t affect the dominant bullish trend, but rather attract buying interest.

 Support levels: 1.2340 1.2310 1.2265

Resistance levels: 1.2385 1.2420 1.2460

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.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD struggling to hold onto 1.10 as USD gains ground

EUR/USD is trading close to 1.10, as the US dollar gradually advances. Two White House advisers expressed contradicting accounts of US-Sino trade talks, causing confusion. Germany refrained from adding fiscal stimulus.


GBP/USD trades around 1.25 as EU pours cold water on Brexit hopes

GBP/USD is trading around 1.25, off the two-month highs of 1.2582 as EU officials cast doubts about the seriousness of the new UK proposals on Brexit. 


USD/JPY drops to one-week lows on trade war headlines

The USD/JPY fell during the American session following reports that the Montana Farm Bureau said China's delegation has canceled a planned trip to view US agriculture.


Top 3 price prediction Bitcoin, Ripple, Ethereum: Ethereum points to the Moon as Bitcoin takes a break

ETH/USD exceeds $220 and is bidding to lead the market. Bitcoin sets a bear trap and recaptures $10,000. XRP stalls between technical levels and fails to consolidate $0.30.

Read more

Gold climbs further beyond $1500 mark, lacks follow-through

Gold edged higher for the second consecutive session on Friday, albeit remained well within a familiar trading range held over the past two weeks or so.

Gold News

Forex Majors