GBP/USD eases from tops, up-move falters ahead of 1.2500 handle


  • Upbeat UK retail sales helped build on the overnight bounce.
  • Receding no-deal Brexit fears provided an additional boost.
  • A modest pickup in the USD demand kept a lid on further gains.

The GBP/USD pair stalled its intraday up-move just ahead of the key 1.2500 psychological mark and quickly retreated around 30-pips during the early North-American session.

The pair built on the overnight modest recovery from 27-month lows and continued gaining positive traction for the second consecutive session, further helped by Thursday's upbeat UK retail sales figures for the month of June. 

This coupled with the fact that the UK lawmakers backed a proposal to make it more difficult for the new PM to force through a no-deal Brexit provided an additional boost to the British Pound and remained supportive.

However, the US Dollar demand - primarily on the back of some selling around the shared currency, picked up the pace following the release of Philly Fed manufacturing index and kept a lid on any strong follow-through up-move.

Meanwhile, the greenback failed to capitalize on the uptick following some dovish comments by St. Louis Fed President James Bullard, saying that a move to cut rates now would be an insurance against any slowdown.

Moving ahead, a scheduled speech by the New York Fed President John Williams might influence the USD price dynamics and will be looked upon to grab some short-term trading opportunities later during the US session.

Technical levels to watch

GBP/USD

Overview
Today last price 1.2473
Today Daily Change 0.0040
Today Daily Change % 0.32
Today daily open 1.2433
 
Trends
Daily SMA20 1.2589
Daily SMA50 1.2665
Daily SMA100 1.2882
Daily SMA200 1.2881
Levels
Previous Daily High 1.2458
Previous Daily Low 1.2382
Previous Weekly High 1.258
Previous Weekly Low 1.244
Previous Monthly High 1.2784
Previous Monthly Low 1.2506
Daily Fibonacci 38.2% 1.2429
Daily Fibonacci 61.8% 1.2411
Daily Pivot Point S1 1.2391
Daily Pivot Point S2 1.2349
Daily Pivot Point S3 1.2315
Daily Pivot Point R1 1.2466
Daily Pivot Point R2 1.25
Daily Pivot Point R3 1.2542

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD surges above 1.1100 as Trump announces steps against China

EUR/USD is trading above 1.1100, up on the day. President Trump said he orders companies to search Chinese imports for drugs. Earlier he criticized Powell's lack of action. 

EUR/USD News

GBP/USD jumps above 1.2250 on USD weakness

GBP/USD is trading close to the monthly highs above 1.2250 as the US dollar falls following Powell's hint of cutting rates and Trump's angry response. 

GBP/USD News

USD/JPY plummets to ten-day lows below 106 as Trump goes berserk on Twitter

The USD/JPY came under strong selling pressure in the last hour and erased nearly 100 pips as US President Donald Trump's latest rant on Twitter forced investors to seek refuge and ramped up the demand for safe-haven JPY. 

USD/JPY News

Gold gains more than $30, eyes 2019 highs on Trump’s tweet

Gold continues to rise sharply amid concerns about the impact of the escalation in the US-China trade war. The demand for safe-haven assets emerged over the last hours, leading to a rally in the yellow metal. 

Gold News

Powell powerless against Trump's trade wars – US braces for recession, USD set to move

"The most powerful central banker in the world" – is how we and others characterize Fed Chair Jerome Powell. While that may be true – monetary policy is reaching its limits – especially in the face of a trade war.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •