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

 

 

 

 


 

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