GBP/USD Current price: 1.3363
- Intense Brexit negotiations continue without progress in fisheries, a level playing field.
- EU’s chief negotiator Barnier said, “a deal hangs in the balance.”
- GBP/USD is technically neutral despite continued intraday volatility.
The GBP/USD pair tumbled to 1.3287, a fresh weekly low, as the Brexit drama continues. EU chief Brexit negotiator Michel Barnier warned the UK that a deal must be reached before the end of this week. “A deal hangs in the balance,” he added as negotiating teams have been locked in the last few days amid divergences about fisheries and a level playing field. It has been 1,623 days since the Brexit referendum and there are just 29 days left for leaders to clinch a deal. The GBP/USD pair recovered to the current 1.3350 price zone during US trading hours, amid the persistent dollar’s weakness.
The UK macroeconomic calendar is quite scarce this week. The kingdom published the October BRC Shop Price Index, which resulted in -1.8% from -1.2% in the previous month. On Thursday, Markit will release the final November Services PMI, expected to be confirmed at 45.8.
GBP/USD short-term technical outlook
The GBP/USD pair is neutral in the near-term, still dependent on Brexit headlines. The 4-hour chart shows that the price is struggling around a directionless 20 SMA after meeting buyers around a bullish 100 SMA, currently at 1.3280. In the meantime, technical indicators lack clear directional strength around their midlines. The bearish case will gain followers on a break below the mentioned 100 SMA.
Support levels: 1.3330 1.3280 1.3225
Resistance levels: 1.3390 1.3440 1.3490
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.
Recommended Content
Editors’ Picks
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold holds near $2,330 despite rising US yields
Gold stays in positive territory near $2,330 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, making it difficult for XAU/USD to extend its daily rally.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.