GBP/USD consolidates near 3-week tops of 1.3245

Consolidates the Asian rise.
USD weakness still underpins.
Eyes on the Brexit meeting.
US housing data in focus.

Dhwani Mehta FXStreet

The GBP/USD pair is seen consolidating its latest up move beyond 1.32 handle in early Europe, awaiting fresh impetus from fresh developments on the Brexit issue amid a data-dry UK docket today.

GBP/USD: Upbeat UK retail sales continue to support

Over the last hours, the spot remains strongly bid amid persistent US dollar weakness, triggered by renewed US political jitters surrounding Trump’s election campaign and Russia probe.

Moreover, the bulls continue to cheer upbeat UK retail sales report released a day before, while hawkish comments delivered by the BOE Chief Carney also boosted the sentiment around the pound.

Meanwhile, the outcome of the meeting between the UK PM May and EU’s Tusk will remain in focus for some clarity on the Brexit deal. Also, of note for the pair remains the US housing dataset due on the cards in the NA session.

GBP/USD Technical View

Karen Jones, Analyst at Commerzbank notes: “GBP/USD has eroded the short-term downtrend. Should we also clear the 55-day ma at 1.3239, the risk will increase of a move to 1.3338/43. While it holds here, our attention remains on the 1.3049 2016-2017 uptrend. The 1.3049 level represents the breakdown point to 1.2830/1.2774, the 38.2% retracement and August low, and the 1.2575 50% retracement.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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