GBP/USD clings to recovery gains, around mid-1.4000s


   •  A modest USD weakness helps gain some positive traction.
   •  The up-move lacked strong conviction amid a subdued trading action.
   •  Investors look forward to next week’s macro releases for fresh impetus.

The GBP/USD pair extended its steady climb on Friday and is currently placed at the top end of its daily trading range, around mid-1.4000s.

The pair snapped three consecutive days of losing streak and gained some positive traction from closer to the key 1.40 psychological mark. A modest US Dollar weakness, amid a subdued/range-bound trading session, was seen as one of the key factors driving the pair higher. 

Apart from a weaker tone surrounding the greenback, the up-move lacked any obvious fundamental trigger and thus, seemed struggling to gain any follow-through traction.

Investors now look forward to next week's important macro releases, scheduled at the start of a new month and which would help determine the pair's next leg of directional move. 

Technical levels to watch

Immediate resistance is pegged near 1.4075 level, above which the pair is likely to aim towards surpassing the 1.4100 handle and head towards testing the 1.4135-40 supply zone. On the flip side, the 1.4020 area now seems to protect the immediate downside, which if broken might prompt some fresh selling and continue dragging the pair towards 1.3965-60 horizontal support.
 

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

Take advantage of market volatility with our daily Forex, Crypto and Indices Trade Ideas!

Become Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds on to weekly gains, aims to 1.2100

EUR/USD pressures this week high at 1.2079 after the EU services sector moved back into expansion territory according to Markit, the first time since August.

EUR/USD News

GBP/USD extends decline towards the 1.3800 price zone

Upbeat UK data fell short of boosting the pound, hurt by Brexit jitters in Ireland. US macroeconomic figures making the difference in the dollar’s favor.

GBP/USD News

Bitcoin, Ethereum and XRP plummet, breaching critical support levels

Bitcoin price has dropped 12.7% since yesterday and shows no signs of stopping. Ethereum price follows the pioneer crypto’s lead and might retest $2,000 again. Unlike BTC or ETH, XRP price shows signs of recovery as long as it stays above a critical demand zone.

Read more

XAU/USD drops below $1,780 area as US T-bond yields rebound

Gold lost its traction after climbing toward $1,800 on Friday. 10-year US Treasury bond yield is up nearly 2%. Latest PMI data from US underlined strong price pressures.

Gold News

Bionano Genomics Inc runs into technical resistance, put options may work here

BNGO shares have continued to suffer post the retail meme crowd moving on. BNGO shares bounce from lows as DeMark buy signal flashes on Monday. BNGO shares trend up to resistance at 100 day moving average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures