GBP/USD Current Price: 1.2823

  • The Bank of England left rates unchanged, although two members voted for a cut.
  • Governor Carney concerned about employment, the risks of a global economic downturn.
  • GBP/USD battling to retain the 1.2800 threshold, bearish in the short-term.

The GBP/USD pair fell this Thursday to 1.2793, its lowest since September 24, as the Bank of England surprised with a dovish decision. MPC decided to leave it’s monetary policy unchanged, although two members voted for a rate cut. Governor Carney, in his later speech, flagged the risks of a global economic downturn and warned that a no-deal Brexit would likely result in job losses and business closures. The central bank has kick-started the year with a hawkish view of the economy, with policymakers inclined for a rate hike. This time, it seems they are closer to easing the monetary policy. The never-ending Brexit drama, for sure adds to policymakers’ concerns. The UK won’t release relevant macroeconomic data this Friday.

GBP/USD short-term technical outlook

The GBP/USD pair has recovered from the mentioned low, trading around the  23.6% retracement of its October rally at 1.2820, with a neutral-to-bearish short-term stance. The 4 hours chart shows that the upside has been capped by a bearish 20 SMA crossing below the 100 SMA, while technical indicators stabilised in negative territory. Further declines should be expected on a break below 1.2785, the immediate support.

Support levels: 1.2785 1.2750 1.2720

Resistance levels: 1.2870 1.2910 1.2950  

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

GBP/USD soars past 1.2900 as Farage gives additional boost to Conservatives

GBP/USD has leaped above 1.29, the highest since early November, as the Brexit Party has failed to field candidates in 43 additional seats, facilitating a victory for PM Boris Johnson.


EUR/USD advances 1.10 amid upbeat trade headlines, after mixed US retail sales

EUR/USD is trading closer to 1.1050, up on the day. US Commerce Secretary Ross has expressed optimism about reaching a deal with China. The Retail Sales Control Group met expectations with 0.3%.


USD/JPY clings to gains near session tops, around 108.70 post-US data

The USD/JPY pair maintained its strong bid tone near session tops and had a rather muted reaction to the mixed US economic data.


US Dollar Index challenges weekly lows near 98.00

The US Dollar Index (DXY), which gauges the buck vs. a bundle of its main rivals, is now accelerating the downside and threatens to test the key support at 98.00 the figure.

US Dollar Index News

Trump Impeachment: Markets will not like any replacement

The public phase of the impeachment hearings against President Donald Trump has kicked off, with the US public and parties divided more than ever. How does it affect markets?

Read more

Forex Majors