GBP/USD Current price: 1.3265
- Pound holds ground, but can't rally despite broad dollar's weakness ahead of Brexit clarity.
- UK BBA Mortgage approvals and CBI survey on realized sales to be out Tuesday.
The GBP/USD pair fell to a daily low of 1.3220 during the London session, but bounced on broad dollar's weakness to settle around 1.3260, little changed from Friday's close. The Pound upward potential was limited by Brexit jitters ahead of the EU Summit that will take place by the end of the week. Concerns that the UK won't offer a convincing offer to make progress toward the final divorce, undermine demand for Sterling. There were no macroeconomic releases in the UK although this Tuesday, the calendar will become a bit more lively with the release of May BBA Mortgage Approvals and the CBI survey on realized sales for June. The pair remained below Friday's high of 1.3314, while daily basis, it settled a lower low and a lower high, which somehow leans the risk toward the downside. In the 4 hours chart, the pair met buying interest around a bullish 20 SMA, currently at 1.3235, while technical indicators lost upward strength, the Momentum nearing its mid-line with a vertical slope and the RSI hovering around 55, in line with the limited buying interest around the pair. A bullish continuation is possible short-term on a break above the mentioned 1.3314 level, although investors will likely be cautious and rush to take profits out of the table ahead of Brexit clarity.
Support levels: 1.3235 1.3205 1.3170
Resistance levels: 1.3280 1.3315 1.3350
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Latest Forex Analysis
Editors’ Picks
EUR/USD trades below 1.1450 despite disappointing US data
EUR/USD is having a difficult time gathering bullish momentum in the early American session and trades in the negative territory below 1.1450. The US Census Bureau reported on Friday that Retail Sales in December fell by 1.9%, missing the market expectation of a no-change by a wide margin.
GBP/USD drops below 1.3700 as dollar gains traction
GBP/USD stays under modest bearish pressure in the American session and trades below 1.3700. The US Dollar Index is clinging to modest daily recovery gains near 95.00 despite weaker-than-forecast macroeconomic data releases from the US.
Gold fluctuates in daily range above $1,820 after US data
Gold declined to $1,820 during the European trading hours but managed to edge higher toward $1,830 in the early American. The benchmark 10-year US Treasury bond yield retreated from 1.75% after the dismal US data, allowing XAU/USD to gain traction.
Dogecoin price on track to hit new highs, rallying 16% with Tesla payments going live
Tesla announced that it accepts Dogecoin and cannot receive or detect any other cryptocurrency. Analysts have predicted an explosive rally in Dogecoin price, continuing the uptrend.
Why did TSLA stock fall 7% on Thursday?
Tesla stock dumps on Thursday as tech takes a bath. TSLA shares fell nearly 7% to close at $1,031.56. Tesla support at the short-term pivot remains at $980.