GBP/USD Current price: 1.2925

  • The UK government refuses to impose a national lockdown, but fears are they would have no choice.
  • The Brexit talks continue without reports on progress in negotiations, somehow weighing on Pound.
  • GBP/USD is at risk of falling further according to near-term technical readings.

The GBP/USD pair traded as low as 1.2880 this Thursday, amid continued demand for the greenback in a risk-averse environment. The UK government refuses to impose a national lockdown, despite the country reporting over 23K new cases in the last 24 hours. Still, fears remain that the government could take tougher measures to curve contagions. As for Brexit talks, news are that negotiations continue although without fresh headlines on the matter.

The UK published September Mortgage Approvals, which jumped to 91.454K, beating expectations. Money Supply in the same month increased by 12.3% YoY. This Friday, the kingdom will publish October Nationwide Housing Prices.

GBP/USD short-term technical outlook

The GBP/USD pair is trading around 1.2930, bearish in the short-term. The 4-hour chart shows that is has broken below all of its moving averages, with the 20 SMA still above the larger ones but accelerating south. Technical indicators remain at daily lows near oversold levels, indicating persistent selling interest despite decreasing volumes at this time of the day.  A break below the mentioned daily low should expose a strong static support level at 1.2770.

Support levels: 1.2880 1.2835 1.2770

Resistance levels: 1.2950 1.2990 1.3030

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

AUD/USD regains 0.73 on Biden transition news, mixed Aussie trade data

AUD/USD keeps its range around 0.7300 amid mixed Australian trade data and the upbeat market mood. The risk sentiment got a boost following reports that the US GSA has started the formal Biden transition process. S&P 500 futures rise 0.50%. RBA Debelle's speech awaited. 

AUD/USD News

Gold in bearish consolidation below $1840, remains vulnerable

Gold (XAU/USD) is nursing losses in Tuesday’s Asian trading, having slumped 2% on Monday to reach the lowest levels in four months at $1831. Vaccine progress, stronger US data hammer gold prices. Focus on vaccine updates and risk sentiment for fresh impetus.

Gold news

USD/JPY: Rises for third day on Biden transition news, eyes BOJ’s Kuroda

USD/JPY trims early-Asian losses as Tokyo open welcomes the risk-on mood. Trump concedes defeat, ex-Fed Chair Yellen likely be the next Treasury Secretary. Vaccine hopes, stimulus expectations and Brexit optimism favor bulls.

USD/JPY News

Bitcoin risks a correction to $12,000

Peter Brandt, author, and publisher of the Factor Report, has exited around 50% of his Bitcoin position. The veteran trader believes Bitcoin might be poised for a correction to $12,000 in the near future.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex Majors

Cryptocurrencies

Signatures