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.

Haresh Menghani FXStreet

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

GBP/USD

Overview
Today last price	1.3786
Today Daily Change	0.0008
Today Daily Change %	0.06
Today daily open	1.3778

Trends
Daily SMA20	1.3787
Daily SMA50	1.386
Daily SMA100	1.3698
Daily SMA200	1.3352

Levels
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

Author

Haresh Menghani

FXStreet

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

GBP/USD declines as market caution lifts US Dollar

GBP/USD extends its gains for the second successive day, trading around 1.3200 during the Asian hours on Wednesday. The currency pair depreciated as the US Dollar gained momentum, driven by a combination of robust domestic economic data and a complex, mixed geopolitical landscape.

EUR/USD weakens below 1.1400 as Fed hike bets lift US Dollar

The EUR/USD pair trades on a negative note near 1.1380 during the early Asian trading hours on Wednesday. The major pair extends the decline as traders continue to assess the developments surrounding the US-Iran peace deal.

Gold nurses losses near $4,100 as Fed hike bets support USD

Gold recovers slightly from a fresh two-week low, near $4,070 touched during the Asian session on Wednesday, though it lacks follow-through. The US Dollar stands firm near its highest level since May 2025 amid firming expectations of a Fed rate hike, which, in turn, is seen undermining the non-yielding bullion. Furthermore, mixed US-Iran signals further favor the USD bulls.

Global strategy 3Q 2026

With the signing of a framework agreement and subsequent negotiations between the U.S. and Iran in June, the outlook for the third quarter is favorable. Oil prices have already fallen sharply, and futures are pricing in a further decline over the course of the year. This will ease the burden on consumers and reduce uncertainty among businesses, with positive effects on the economy.

"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.