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. 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

Latest Forex News

Editors’ Picks

EUR/USD battles 1.11 amid upbeat US data, trade concerns

EUR/USD is struggling to hold onto 1.11 after robust US housing figures and solid consumer sentiment figures were published. Earlier, the common currency suffered from the concerns of new US tariffs on the EU.

EUR/USD News

GBP/USD down 100 pips after UK retail sales badly disappoint, amid USD strength

GBP/USD has plunged below 1.3050 after UK retail sales badly disappointed with a fall of 0.6% in December, on top of downward revisions. Odds of a BOE cut have risen.

GBP/USD News

Crypto market hyperspace mode On

The secondary actors of the crypto-sphere awaken and rally hard. Leading coins battle with greater resistance at the gates of a full bullish market. The only risk is an over-shoot, but that sentiment remains neutral.

Read more

Gold: Sustained move beyond 200-hour SMA sets the stage for further gains

Gold edged higher through the mid-European session on Friday and is currently placed near the top end of its weekly trading range, around the $1560 region.

Gold News

USD/JPY: Losing bullish momentum but retaining gains

Chinese encouraging data kept markets in risk-on mode at the beginning of the day. The US January Michigan Consumer Sentiment Index is seen at 99.3, matching December figure. USD/JPY holding at the upper end of its weekly range could correct lower.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures