GBP/USD again limited by 1.2700, remains in a small range flat for the day


  • Cable steady in a 25-pip range, between 1.2675 and 1.2700.
  • Stronger US Dollar sends GBP/USD back below 1.2700.

The GBP/USD pair reached a daily high at 1.2707 at the beginning of the American session and then pulled back modestly and as of writing trades at 1.2685, around the same level it closed yesterday. 

Again the move to the upside lost momentum at the 1.2700 area. The mentioned level has become relevant in the very short-term. A consolidation on top could point to more gains. On a wider perspective, GBP/USD continues to trade sideways, in a consolidation range between 1.2650 and 1.2750. 

US data released today showed a modest increase in initial jobless claims. Volatility across markets remain low with crude oil prices as the main attraction. The greenback is posting mixed results across the board as it continues to be affected by monetary policy expectations from the Federal Reserve. A survey from the WSJ showed that 40% of economist survey see a rate cut in July. 

Regarding the Pound, attention is set on the Conservative Party leadership election. Boris Johnson topped the first ballot and continues to be the main candidate to become the next UK Prime Minister. His position on Brexit contributes to increasing fears about a “no deal” scenario and weighs on the Pound. Today the vote showed no surprise and the Pound actually recover against its main European rivals. 

Levels

GBP/USD

Overview
Today last price 1.2686
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.269
 
Trends
Daily SMA20 1.2688
Daily SMA50 1.2882
Daily SMA100 1.2991
Daily SMA200 1.2943
Levels
Previous Daily High 1.2759
Previous Daily Low 1.2681
Previous Weekly High 1.2763
Previous Weekly Low 1.261
Previous Monthly High 1.3178
Previous Monthly Low 1.2559
Daily Fibonacci 38.2% 1.2711
Daily Fibonacci 61.8% 1.2729
Daily Pivot Point S1 1.2661
Daily Pivot Point S2 1.2632
Daily Pivot Point S3 1.2583
Daily Pivot Point R1 1.2739
Daily Pivot Point R2 1.2788
Daily Pivot Point R3 1.2817

 

 

 

 


 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.1200 amid dovish ECB comments

EUR/USD is trading around 1.1200 after ECB officials expressed concern about global growth President Draghi will speak later. Tension is rising toward the Fed decision after US retail sales surprised on Friday.

EUR/USD News

GBP/USD pressured below 1.2600, Conservative contest in focus

GBP/USD is trading below 1.2600, consolidating the losses seen on Friday after US retail sales beat expectations. The Conservative contest is heating up ahead of tomorrow's second vote.

GBP/USD News

USD/JPY: wait-and-see continues ahead of Fed

The dollar consolidates its gains against most rival, and scarce data exacerbates the quietness. USD/JPY bullish above 108.90, bearish below 108.10.

USD/JPY News

Gold: 100-month MA is a level to beat for the bulls

Gold (XAU/USD) is struggling to cut through key technical line which proved a tough nut to crack in 2018. The yellow metal rose to $1,358 on Friday, but the break above the 100-month MA.

Gold News

Gold: Signs of bullish exhaustion ahead of the Fed

Gold's rally seems to have run its course with signs of bullish exhaustion emerging on technical charts ahead of Wednesday's FOMC (Federal Open Market Committee) rate decision.

Read more

Majors

Cryptocurrencies

Signatures