GBP/USD climbs to weekly tops, further beyond 1.2400 mark

  • GBP/USD edges higher for the third straight session on Thursday amid a subdued USD demand.
  • Mixed UK economic data did little to impress bullish traders or provide any meaningful impetus.

The GBP/USD pair climbed to fresh weekly tops during the early European session and finally seems to have found acceptance above the 1.2400 round-figure mark.

The pair quickly reversed an early dip to the 1.2360 region and turned positive for the third consecutive session, albeit lacked any follow-through amid a subdued activity through the early part Thursday's trading action.

The US dollar remained on the defensive in the wake of the latest optimism over expectations that the coronavirus pandemic peak could come soon and was further pressured by a weaker tone around the US Treasury bond yields.

However, the fact that the United Kingdom recorded its highest daily death toll on Wednesday held investors from placing any aggressive bullish bets and seemed to be one of the key factors capping any strong gains.

Meanwhile, Thursday's mixed UK macro data, showing an unexpected economic contraction and a surge in the trade balance for February, did little to impress bullish traders or assist the pair to capitalize on this week's goodish positive move.

Hence, it will be prudent to wait for some strong follow-through buying before traders start positioning for any further appreciating move. In the meantime, Thursday's release of the US initial weekly jobless claims will be looked upon for some impetus.

This coupled with the Fed Chair Jerome Powell's scheduled speech and fresh developments surrounding the coronavirus saga might influence the USD price dynamics and contribute towards producing some meaningful trading opportunities.

Technical levels to watch


Today last price 1.241
Today Daily Change 0.0024
Today Daily Change % 0.19
Today daily open 1.2386
Daily SMA20 1.2128
Daily SMA50 1.2624
Daily SMA100 1.2843
Daily SMA200 1.2657
Previous Daily High 1.242
Previous Daily Low 1.2288
Previous Weekly High 1.2476
Previous Weekly Low 1.2205
Previous Monthly High 1.3201
Previous Monthly Low 1.1412
Daily Fibonacci 38.2% 1.237
Daily Fibonacci 61.8% 1.2339
Daily Pivot Point S1 1.231
Daily Pivot Point S2 1.2233
Daily Pivot Point S3 1.2178
Daily Pivot Point R1 1.2441
Daily Pivot Point R2 1.2496
Daily Pivot Point R3 1.2573



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