GBP/USD Current price: 1.3066

  • Hopes keep building on a delay of Brexit date until a better solution is presented.
  • EU Chief Negotiator Barnier said that no-deal Brexit preparations are more important than ever.

Hopes that the UK will avoid a hard-Brexit kept boosting the Pound this Wednesday, sending the GBP/USD pair up to 1.3081,  its highest since early 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 some time to prepare an alternative plan if PM May's deal fails to pass the  Houses. Meanwhile, the EU is preparing for a no-deal Brexit, according to EU's chief negotiator Barnier, who claimed that is more important than ever. Adding fuel to the fire, BOE's Governor Mark Carney suggested that the central bank may need to raise rates, not cut them, in the event of a no-deal Brexit. There are no macroeconomic data scheduled in the kingdom for this Thursday.

The pair retreated modestly from the mentioned high, with broad dollar's weakness adding to the bullish case. Short-term technical readings support additional gains ahead, given that, in the 4 hours chart, the pair advanced firmly above its moving averages, with the 20 SMA now gaining upward traction around 150 pips below the current level, and the 200 EMA at around 1.2800. Technical indicators in the mentioned chart maintain their upward slopes after entering overbought territory, also indicating that buying interest is strong. Should the positive momentum continue, the pair has scope to advance up to 1.3174, November 2018 monthly high.

 Support levels: 1.3020 1.2980 1.2950

Resistance levels: 1.3085 1.3130 1.3175

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 flirts with 1.1100 as the dollar loses steam

The EUR/USD pair bounced from a daily low of 1.1065, as demand for the greenback receded during US trading hours. Upside caped for the shared currency amid fears of a German recession, Italian political turmoil.

EUR/USD News

GBP/USD pressures recent highs amid renewed Brexit hopes

Comments from German Chancellor Merkel gave the Pound a lift, as somehow she hinted that the EU would consider an alternative to the Irish backstop.

GBP/USD News

USD/JPY slides to 106.30 area as US T-bond yields turn south

10-year US Treasury bond yield erases Monday's recovery gains. US Dollar Index preserves strength to limit pair's losses. Risk sentiment is likely to continue to drive pair's action.

USD/JPY News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Planning the next bullish move after consolidating gains

Trading cryptos is not a one-way street – meteoric unstoppable gains belong to the past. Nevertheless, the bullish sentiment seems to prevail. Digital coins advanced on Monday and are consolidating on Tuesday. 

Read more

Gold retreats from daily highs, continues to trade above $1,500

The XAU/USD pair took advantage of the risk-off flows earlier in the day and erased a large portion of the losses it suffered on Monday. After touching a daily high of $1,508.45, however, the precious metal lost its strength and edged lower toward the $1,500 handle. 

Gold News

Majors

Cryptocurrencies

Signatures