GBP/USD consolidating the bid and dollar weakness through 1.2500

Ross J Burland FXStreet

Currently, GBP/USD is trading at 1.2543, up 0.67% on the day, having posted a daily high at 1.2562 and low at 1.2427.

Market wrap: mixed day with weaker dollar, higher stocks - Westpac

GBP/USD is consolidating the bid from 1.2450 to aforementioned highs that were scored as the dollar was sold off on the back of the US Treasury Secretary, Mnuchin, suggesting that there isn't much the administration can do for near-term growth.

"There are better grounds for the pound to perform well than the yen or the euro. Revised Q4 GDP data resulted in a modest upward revision in the Q/Q rate from 0.6% to 0.7% due to the largest contribution to overall growth from net trade since 2011," argued analysts at Bank of Tokyo Mitsubishi, adding, "The devaluation of the pound is playing a role in isolating the UK from the negative implications related to Brexit uncertainty."

GBP/USD levels

GBP/USD's broader trend momentum signals are noted by analysts at Scotiabank as looking fairly flat now, supporting the range trade environment. Below 1.2250 would otherwise alleviate immediate upside pressure and could trigger losses to the 1.1988/80 recent low, as suggested by analysts at Commerzbank, adding, " Immediate support is the 1.2347 February low. Last weeks high at 1.2583 guards the top of the channel at 1.2687. Only above 1.2687 would allow for further strength to the 1.2776 December high. Between here and 1.2836 lies several Fibonacci retracements and major resistance and we suspect that it will struggle here."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.