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

 

 

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