GBP/USD challenges lows near 1.2410

Pablo Piovano FXStreet

The march north of the greenback stays unabated on Thursday, now sending GBP/USD to test the area of daily lows in the vicinity of 1.2410.

GBP/USD weaker on USD-buying

The pair stayed apathetic after UK’s PM Theresa May officially triggered Article 50 on Wednesday, signalling the start of (at least) two years of negotiations that should end with the UK definitely leaving the European Union.

GBP kept the range in the wake of the event, as markets participants have already priced in this scenario, while the attention should now shift to the process per se, which is expected to start following the elections in France and Germany.

With Brexit issues now relegated to a secondary role at least in the near term, USD-dynamics should become the main driver for the pair’s price action once again. In fact, the recent pick up in the demand for the buck has forced cable to ease around two cents since Monday’s peaks beyond 1.2600 the figure.

Nothing scheduled data wise in the UK, whereas another revision of the GDP during the fourth quarter 2016 and Initial Claims are due in the US calendar.

Additionally, New York Fed W.Dudley (permanent voter, centrist), Cleveland Fed L.Mester (2018 voter, hawkish), Dallas Fed R.Kaplan (voter, hawkish) and San Francisco Fed J.Williams (2018 voter, hawkish) are all due to speak later in the NA session.

GBP/USD levels to consider

As of writing the pair is losing 0.18% at 1.2412 and a breakdown of 1.2375 (low Mar.29) followed by 1.2341 (20-day sma) and then 1.2302 (61.8% Fibo of 1.2106-1.2618). On the upside, the initial hurdle aligns at 1.2476 (high Mar.29) followed by 1.2598 (high Mar.29) and finally 1.2618 (high Mar.27).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.