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GBP/USD climbs to session tops, closer to mid-1.2400s

  • A subdued USD demand assisted GBP/USD to gain some positive traction on Thursday.
  • The uptick seems limited amid concerns over the economic fallout from the coronavirus.

The GBP/USD pair edged higher through the early European session and refreshed daily tops, closer to mid-1.2400s, in the last hour.

Having repeatedly shown some resilience at lower levels, the pair managed to regain some positive traction on Thursday and the uptick was sponsored by a mildly softer tone surrounding the US dollar.

Against the backdrop of a fresh leg down in the US Treasury bond yields, a modest recovery in the global risk sentiment undermined the greenback's relative safe-haven status against its British pound.

This coupled with some cross-driven strength, stemming from the ongoing fall in the EUR/GBP pair, provided an additional boost and remained supportive of the intraday positive move on Thursday.

Despite the uptick, the pair remains well within a broader trading range held since the beginning of this week as investors await a fresh catalyst before positioning for the next leg of a directional move.

Meanwhile, the fact that Fitch recently lowered its UK long-term issuer default rating, coupled with concerns over the economic fallout from the coronavirus pandemic might cap any strong gains.

Moving ahead, market participants now look forward to the release of the US initial weekly jobless claims data for some meaningful trading opportunities later during the early North-American session.

Technical levels to watch

GBP/USD

Overview
Today last price1.244
Today Daily Change0.0065
Today Daily Change %0.53
Today daily open1.2375
 
Trends
Daily SMA201.229
Daily SMA501.2698
Daily SMA1001.2873
Daily SMA2001.2665
 
Levels
Previous Daily High1.2446
Previous Daily Low1.2331
Previous Weekly High1.2486
Previous Weekly Low1.1447
Previous Monthly High1.3201
Previous Monthly Low1.1412
Daily Fibonacci 38.2%1.2375
Daily Fibonacci 61.8%1.2402
Daily Pivot Point S11.2322
Daily Pivot Point S21.2269
Daily Pivot Point S31.2207
Daily Pivot Point R11.2437
Daily Pivot Point R21.2499
Daily Pivot Point R31.2552

Author

Haresh Menghani

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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