GBP/USD eases from tops, up little around 1.2900 mark


  • Tuesday’s upbeat UK services PMI helped regain positive traction.
  • UK political uncertainty seemed to keep a lid on any runaway rally.
  • A modest USD uptick exerts some pressure ahead of US ISM PMI.

The GBP/USD pair climbed to fresh session tops, further beyond the 1.2900 handle in the last hour, albeit quickly retreated few pips thereafter.

The British Pound remained well supported by the fact that the incoming opinion polls have been indicating a majority for the UK Prime Minister Boris Johnson's Conservative Party at the upcoming election in December.

Upside remains capped

The uptick got an additional boost following the release of stronger-than-expected UK services PMI, which unexpected recovered back into expansion territory and came in at 50.0 for October as compared to 49.7 expected.
 
The pair jumped to an intraday high level of 1.2918 in the last hour, albeit lacked any strong follow-through as investors refrained from placing fresh bets amid the inherent uncertainty over the actual outcome of the UK election.
 
This coupled with a modest US Dollar uptick, supported by the ongoing upsurge in the US Treasury bond yields and renewed optimism over a possible US-China trade deal, further collaborated towards capping gains.
 
Moving ahead, Tuesday's economic docket also highlights the release of US ISM non-manufacturing PMI, which might influence the USD price dynamics and produce some meaningful trading opportunities.

Technical levels to watch

GBP/USD

Overview
Today last price 1.2906
Today Daily Change 0.0026
Today Daily Change % 0.20
Today daily open 1.288
 
Trends
Daily SMA20 1.277
Daily SMA50 1.2505
Daily SMA100 1.2446
Daily SMA200 1.271
 
Levels
Previous Daily High 1.2943
Previous Daily Low 1.2875
Previous Weekly High 1.2976
Previous Weekly Low 1.2804
Previous Monthly High 1.3013
Previous Monthly Low 1.2194
Daily Fibonacci 38.2% 1.2901
Daily Fibonacci 61.8% 1.2917
Daily Pivot Point S1 1.2855
Daily Pivot Point S2 1.2831
Daily Pivot Point S3 1.2787
Daily Pivot Point R1 1.2923
Daily Pivot Point R2 1.2967
Daily Pivot Point R3 1.2991

 

 

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD advances above 1.14 after unchanged ECB, mixed US data

EUR/USD is trading above 1.14, higher after the ECB left policy unchanged and called governments to act. US retail sales beat with 7.5% while jobless claims disappointed with 1.3 million. US coronavirus figures are showing further increases in cases.

EUR/USD News

GBP/USD advances above 1.26 amid mostly upbeat US, UK data

GBP/USD is trading above 1.26, higher. The UK jobs reports showed low unemployment but also depressed wages. US retail sales beat expectations but jobless claims remain high. 

GBP/USD News

Gold trades with modest losses, downside remains limited

Gold witnessed a modest intraday pullback amid a pickup in the USD demand. The prevalent risk-off mood extended some support to the safe-haven metal. A sustained break below $1800 is needed to confirm a bearish break.

Gold News

Why is the crypto market falling today?

War for dominance impacts the market and heralds several days of turbulence. Fight between Bitcoin and Ethereum hurts the Altcoin segment, which is largely overbought after weeks of euphoria. Ripple is the most affected of the Top 3 and steps back into a high-risk environment.

Read more

Oil : The price action seems indecisive at these elevated levels

WTI is still in a bull trend on the chart below but at these elevated levels, it seems the price seems to be very jittery. Previously within this trend when the price moved higher the size of the bullish candles was bigger. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures