GBP/USD continues to push higher toward 1.2300


Share:
  • GBP/USD gained traction and advanced toward 1.2300 on Monday.
  • The data from the UK showed that the UK economy grew by 0.5% in October. 
  • The improving market mood seems to be weighing on the US Dollar.

GBP/USD gained traction and climbed to a fresh daily high near 1.2300 in the early American session on Monday. As of writing, the pair was up 0.23% on the day at 1.2282.

Earlier in the day, the data published by the UK's Office for National Statistics showed that the Gross Domestic Product expanded by 0.5% on a monthly basis in October following the 0.6% contraction recorded in September. This data, however, failed to trigger an immediate market reaction.

Nevertheless, the improving market mood seems to be weighing on the US Dollar and helping GBP/USD continue to edge higher.

At the time of press, US stock index futures were up between 0.3% and 0.35%, pointing to a positive opening in Wall Street's main indexes. Meanwhile, the US Dollar Index was posting modest daily losses at 104.80.

On Tuesday, the November jobs report from the UK will be looked upon for fresh impetus. More importantly, the US Bureau of Labor Statistics will release the Consumer Price Index figures later in the day. Investors will scrutinize these data releases and their potential impact on the Bank of England's and the Federal Reserve's upcoming policy announcements later in the week. 

Technical levels to watch for

GBP/USD

Overview
Today last price 1.228
Today Daily Change 0.0023
Today Daily Change % 0.19
Today daily open 1.2257
 
Trends
Daily SMA20 1.2039
Daily SMA50 1.1632
Daily SMA100 1.1667
Daily SMA200 1.2121
 
Levels
Previous Daily High 1.2323
Previous Daily Low 1.2201
Previous Weekly High 1.2345
Previous Weekly Low 1.2107
Previous Monthly High 1.2154
Previous Monthly Low 1.1147
Daily Fibonacci 38.2% 1.2276
Daily Fibonacci 61.8% 1.2248
Daily Pivot Point S1 1.2198
Daily Pivot Point S2 1.2139
Daily Pivot Point S3 1.2077
Daily Pivot Point R1 1.232
Daily Pivot Point R2 1.2382
Daily Pivot Point R3 1.2441

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD rises toward 1.0850 as USD struggles to recover

EUR/USD rises toward 1.0850 as USD struggles to recover

EUR/USD has regained its traction and rose to the 1.0850 area after having retreated toward 1.0800 earlier in the session. The US Dollar struggles to stage a decisive rebound despite upbeat consumer confidence data from the US, allowing the pair to continue to push higher.

EUR/USD News

GBP/USD advances to fresh daily highs near 1.2350

GBP/USD advances to fresh daily highs near 1.2350

Following a correction to the 1.2300 area, GBP/USD reversed its direction and advanced toward 1.2350. Although Wall Street's main indexes are trading mixed on Tuesday, the US Dollar stays on the back foot and helps the pair gather bullish momentum.

GBP/USD News

Gold clings to daily recovery gains above $1,960

Gold clings to daily recovery gains above $1,960

Gold price continues to trade in positive territory above $1,960 in the American session on Tuesday. As US stocks trade mixed, the benchmark 10-year US Treasury bond yield pulls away from session highs and provides a boost to XAU/USD.

Gold News

Ethereum (ETH) options traders turn bearish ahead of the token unlock

Ethereum (ETH) options traders turn bearish ahead of the token unlock

Ethereum is holding steady above the $1,700 level despite slight bearish sentiment among options traders. Analysts have noted a rise in open interest in Ethereum, as co-founder Lubin assures that the altcoin is not a security. 

Read more

S&P 500: With banking crisis in rear view, market pushes index closer to 4,000

S&P 500: With banking crisis in rear view, market pushes index closer to 4,000

The S&P 500 on Monday moved ahead cautiously without much fanfare after the US government agreed to sell $72 billion worth of Silicon Valley Bank assets to First Citizens Bank (FCNCA). 

Read more

Forex MAJORS

Cryptocurrencies

Signatures