GBP/USD Current Price: 1.2796

  • UK PM May expected to resign after the first week of June's Parliamentary vote on her Brexit deal.
  • GBP/USD moving closer to February monthly low at 1.2772.

The Sterling extended its downward route against its major rivals, resulting in the GBP/USD pair trading as low as 1.2787, a level that was last seen mid-February. Brexit-related political chaos has finally taken its toll on PM May, who has promised to set a timetable for the election of her successor after submitting her Brexit deal to the Parliament for a fourth time at the beginning of June. Whether the deal is approved or not, PM May is anyway expected to resign afterward. Meanwhile, the cross-party talks´ impasse continues, and speculative interest has lost hopes Tories and Labours could come to an agreement that would easily be accepted by MPs. The UK calendar didn't have relevant data to offer and will remain empty Friday.

The GBP/USD pair trades around 1.2800 down for a sixth consecutive trading day, largely oversold yet with no signs of changing course, as the pair consolidates at daily lows. In the 4 hours chart, the 20 SMA heads lower almost vertically above the current level, while the 200 EMA also gains bearish strength above the shorter one. Technical indicators in the mentioned chart have lost directional strength, now consolidating near their recent lows. The pair has an immediate support at 1.2772, February monthly low, with a break below the level favoring another leg lower despite the extreme readings.

Support levels: 1.2770 1.2730 1.2695

Resistance levels: 1.2830 1.2865 1.2905  

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.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD remains on the back foot amid ongoing trade concerns

EUR/USD is trading around 1.1150, the lowest in over two weeks. Markets are worried about US-Sino trade tensions as US companies stop working with China's Huawei. European elections are warming up.

EUR/USD News

GBP/USD consolidates its losses amid Brexit pessimism

GBP/USD is trading in the low 1.2700s, close to the lowest since January. UK PM May is set to present a new plan after cross-party talks failed and as calls for her to quit mount.

GBP/USD News

USD/JPY consolidates around 110.20 amid risk-on, upbeat Japanese GDP

USD/JPY is seen consolidating its uptick to two-week tops of 110.32, as upbeat Japan’s Q1 2019 GDP data combined with mixed Asian equities appear to cap further upside. 

USD/JPY News

Cryptos stage a Sunday surge, levels to watch – Confluence Detector

Cryptocurrencies have enjoyed a massive comeback early on Sunday, recovering most losses. The cleanup seen ahead of the weekend may be over, and it is time to look up to higher levels. Here are the levels to watch according to the Confluence Detector.

Read more

Gold aims to revisit 9-month old support-line near $1272

Gold is on its third negative trading day as it seesaws near $1276.50 ahead of the European open on Monday. Pessimism surrounding the US-China and the US-Iran relations could limit the bullion’s decline near trend-line support.

Gold News

Majors

Cryptocurrencies

Signatures