GBP/USD clings to gains near 1.3800 mark, unaffected by upbeat US macro releases

  • GBP/USD gained positive traction for the fourth consecutive session on Thursday.
  • A modest USD rebound from multi-week lows capped the upside for the major.
  • Mostly upbeat US economic releases did little to provide any meaningful impetus.

The GBP/USD pair held on to its intraday gains, albeit lacked any follow-through buying and remained capped below the 1.3800 mark post-US macro releases.

The pair built on this week's goodish rebound from the 100-day SMA support, around the 1.3670-65 region and gained some positive traction for the fourth consecutive session on Thursday. However, a modest US dollar rebound from four-week lows kept a lid on any further gains for the GBP/USD pair.

The intraday USD uptick lacked any obvious fundamental catalyst and remained capped amid the ongoing decline in the US Treasury bond yields. Even the incoming positive economic data failed to impress the USD bulls as investors seem convinced that the Fed will keep interest rates low for a longer period.

Data published this Thursday showed that Retail Sales surged by 9.8% in March as against 5.9% growth anticipated. Adding to this, sales excluding autos, the closely watched Retail Sales Control Group, regional manufacturing indices and Jobless Claims all surpassed consensus estimates.

Meanwhile, the muted market reaction clearly indicates that investors have started looking through the headline-grabbing numbers as transitory. This, in turn, suggests that the path of least resistance for the greenback remains downside, supporting prospects for some appreciating move for the GBP/USD pair.

That said, the upside seems limited amid concerns that a link between the AstraZeneca COVID-19 vaccine and a rare blood clot could delay the UK government's plan to reopen the economy. This makes it prudent to wait for some strong follow-through buying before placing fresh bullish bets.

Technical levels to watch


Today last price 1.3786
Today Daily Change 0.0008
Today Daily Change % 0.06
Today daily open 1.3778
Daily SMA20 1.3787
Daily SMA50 1.386
Daily SMA100 1.3698
Daily SMA200 1.3352
Previous Daily High 1.3809
Previous Daily Low 1.3749
Previous Weekly High 1.3919
Previous Weekly Low 1.367
Previous Monthly High 1.4017
Previous Monthly Low 1.3671
Daily Fibonacci 38.2% 1.3786
Daily Fibonacci 61.8% 1.3772
Daily Pivot Point S1 1.3748
Daily Pivot Point S2 1.3719
Daily Pivot Point S3 1.3689
Daily Pivot Point R1 1.3808
Daily Pivot Point R2 1.3838
Daily Pivot Point R3 1.3867



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