GBP/USD Current Price: 1.3092

  • UK election polls show that Conservatives maintain their lead.
  • Poor US data alongside mild hopes of a trade deal underpinned the pair.
  • GBP/USD bullish toward 1.3176, despite short-term overbought conditions.

The GBP/USD pair soared to 1.3120, a level that was last seen in May this year, with the pound founding support in upbeat UK data and a more election polls, which continue indicating an advantage for UK PM Johnson’s Conservatives. One week ahead of the election, it seems that the UK would avoid a hung Parliament. Meanwhile, the Markit Services PMI was upwardly revised to 49.3 in November, better than the 48.6 forecasted.

The dollar managed to recover some ground during the US session, despite dismal local data, amid hopes the US and China are moving closer to a trade agreement. Nevertheless, the pair held around the 1.3100 figure ahead of the Asian opening. The UK calendar will remain empty this Thursday.

GBP/USD short-term technical outlook

 The GBP/USD pair has room to extend its advance during the upcoming session, particularly if UK election polls support the Sterling. The pair is overbought in the short-term, as, in the 4 hours chart, technical indicators are losing strength upward but holding within extreme overbought levels, not enough to suggest upward exhaustion. The pair, in the meantime, is currently developing some 150 pips above a bullish 20 SMA, which accelerated above the larger ones.  The pair would need to break below 1.3012, October monthly high, for the current bullish stance to hesitate. May high, at 1.3176, is the next bullish target and relevant resistance.  

Support levels: 1.3055 1.3015 1.2970

Resistance levels: 1.3120 1.3175 1.3220

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.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex Majors

Cryptocurrencies

Signatures