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

GBP/USD

Overview
Today last price 1.241
Today Daily Change 0.0024
Today Daily Change % 0.19
Today daily open 1.2386
 
Trends
Daily SMA20 1.2128
Daily SMA50 1.2624
Daily SMA100 1.2843
Daily SMA200 1.2657
 
Levels
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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD recovers within range, lacks follow-through

Encouraging macroeconomic data from the EU and the US boosted risked sentiment, which in turn, helped EUR/USD to advance, currently nearing the weekly high at 1.2075.

EUR/USD News

GBP/USD trades around 1.39 after a choppy reaction to the BOE

GBP/USD is trading around 1.39 after an 80-pip move around the BOE's "Super Thursday." The bank announced a slowdown in buying bonds but no change to the overall scope. US jobless claims and elections in Scotland are awaited. 

GBP/USD News

Gold Price Analysis: Gold bears seeking a correction to test bullish commitments

Gold has broken above the $1,800 mark, hitting the highest levels since February. The Confluence Detector is showing that XAU/USD has very few barriers through $1,850. Bears are lurking at resistance structure, eyeing a correction ahead of NFPs.

Gold News

Dogecoin price targets $1 as the chase for high-yielding cryptos accelerates

Dogecoin price strength combined with the complementary volume highlights the continued fascination in the digital token, portending further gains in the days ahead.

More Dogecoin News

US Nonfarm Payrolls April Preview: When the economy booms, its all about rates

The US labor market’s stars appear aligned for April.The economy is expanding rapidly, employers are confident and consumers eager to throw off the restraints of the past year.

Read more

Forex MAJORS

Cryptocurrencies

Signatures