GBP/USD Current price: 1.3024

  • EU’s chief negotiator Michel Barnier decided to extend his stay on London.
  • UK October CBI Distributive Trade Survey on realized sales this Tuesday, seen up a modest 1%.
  • GBP/USD is gaining bearish strength but holds above 1.3000 for now.

The GBP/USD pair is ending Monday with modest losses around 1.3020, partially affected by the renewed dollar’s demand and partially due to Brexit concerns. The pair surged to a daily high of 1.3074 as news that EU’s chief negotiator Michel Barnier decided to extend his stay on London after weekend talks, and speculative interest understood it as progress. The pair later eased as UK PM Boris Johnson’s spokesman said that there is “much work to be done” and that significant gaps remain in the most difficult areas.

The UK didn’t publish macroeconomic data on Monday but will release the October CBI Distributive Trade Survey on realized sales this Tuesday, seen up a modest 1% from 11% in September.

GBP/USD short-term technical outlook

The GBP/USD pair is holding above the 1.3000 figure, although it briefly pierced the level a couple of times throughout the day to bottom at 1.2992. The risk has turned to the downside, as, in the 4-hour chart, a mildly bearish 20 SMA capped the upside. Technical indicators hold within negative levels, although their directional strength is limited. A steeper decline could be expected on a break below 1.2980.

Support levels: 1.2980 1.2930 1.2880

Resistance levels: 1.3060 1.3115 1.3150  

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.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD failed to recover above 1.2100

The shared currency remains under selling pressure against its American rival, trading in the 1.2080 area. Market players waiting for more hints in the form of April Retail Sales.


GBP/USD under pressure below 1.4050 amid renewed USD demand

GBP/USD trades pressured below 1.4050, as the US dollar remains broadly bid amid risk-off sentiment. Rising inflationary pressures and Brexit jitters over NI keep investors on the edge. Bailey's speech, US data in focus.


XAU/USD respects the 10-day EMA

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. Gold Weekly Forecast: XAU/USD could target 200-day SMA

Gold News

Yearn Finance Price Forecast: YFI eyes consolidation after quick surge

Yearn Finance price tagged the channel’s upper trend line yesterday, falling just short of $100,000 and 261.8% Fibonacci extension target at $102,900. The sharp reversal from the trend line marks a significant turning point for YFI that will shift price action to consolidation from the uptrend beginning at the April 25 low. 

Read more

US markets lead the recovery as jobless claims decline

Ongoing inflation fears remain, yet improved jobless claims help lift spirits in the US. Meanwhile, UK reopening stocks have been dealt a blow after SAGE claimed that a rise in the Indian Covid strain could slow the pace of lockdown easing. 

Read more