GBP/USD bounces-back to 1.3400 ahead of UK data, Carney

Benefits from Brexit optimism and weaker DXY.
Bounces-off lows just ahead of 10-DMA.
The UK CBI realized sales and BOE Carney’s speech in focus.

Dhwani Mehta FXStreet

Fresh buyers emerged near 1.3375 levels last hours, allowing a tepid recovery in the GBP/USD pair, as the bulls try another attempt above the 1.3400 mark.

GBP/USD hits fresh 2-day tops, then retreats.

Amid a lack of fresh fundamental release, the spot remains at the mercy of the price-action surrounding the Treasury yields, as markets await fresh Brexit headlines for a sustained move above the 1.34 handle.

However, the pound continues to derive support from the renewed optimism around the Brexit issue, especially after the UK PM Theresa May and the US President Trump agreed on the importance of a swift post-Brexit trade talks. Moreover, the latest BOE agents' summary of business conditions report, showing the UK economic activity remained broadly stable in Q4, further helps keep the bid tone intact around Cable.

All eyes now remain on the UK CBI realized sales data and BOE Governor Carney’s testimony for the next direction on the pound, as the US House remains on track to pass the tax legislation.

GBP/USD Technical Levels

According to Mario Blascak (PhD) European Chief Analyst at FXStreet, “Technically the GBP/USD is still moving within the downward sloping trend framed by its key support level at $1.3320 on the downside and by 50-period simple moving average at around $1.3400 and then trendline resistance of about $1.3420 on the upside. The support level of $1.3320 on GBP/USD is formed by 38.2% Fibonacci retracement line of the uptrend starting on August 24 at $1.2770 and peaking on September 20 at $1.3660.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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