GBP/USD Current price: 1.3204

  • UK White Paper on Brexit's strategy to be out this Thursday.
  • GBP/USD expected to extend its decline on a break below 1.3189, the weekly low.

The GBP/USD pair approached the 1.3200 in the US afternoon, hit by dollar's broad strength and turmoil in the UK's Government. The kingdom should publish this Thursday the White Paper that draws Brexit´s strategy, which cost the resignation of multiple politicians including high-profile David Davis and Boris Johnson. The document, which points to a softer Brexit and is yet to be approved by the EU, is said to have suffered multiple revisions ever since the Chequers summit at the weekend, and farther away from what Conservatives wish it was. Market players will now focus not only on EU's response to the document but also on May's leadership and a possible no-confidence vote, after already skipping one shortly ago. In the data front, there were no relevant news coming from the UK, and this Thursday, just a minor report will come out, the BOE's Credit Conditions Survey. Meanwhile, the technical picture favors another leg lower for the pair, as in the 4 hours chart, it has remained capped by the 20 SMA, while technical indicators gain accelerate south within negative levels. The weekly low at 1.3189 is the immediate support, with a break below it opening doors for an extension down to 1.3110.

Support levels: 1.3190 1.3155 1.3110

Resistance levels: 1.3245 1.3285 1.3320  

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. 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.

Feed news

Latest Forex Analysis

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.

Gold News

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. 

Read more

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.

Read more