GBP/USD edges up to session tops, closer to mid-1.2900s post-UK macro data


  • GBP/USD gains some positive traction following Tuesday’s mixed UK macro data.
  • Fears of a no-deal Brexit, sustained USD buying might keep a lid on any strong gains.

The GBP/USD pair quickly reversed an early European session dip to sub-1.2900 level and refreshed session tops post-UK macro releases.

The British pound gained some positive traction and assisted the pair to add to the previous session's modest gains following the release of upbeat UK monthly GDP print, showing that the economy recorded a growth of 0.3% in December as compared to 0.2% expected.

Meanwhile, the economic growth for the fourth quarter of 2019 remained flat and matched consensus estimates. The mixed readings were further accompanied by weaker than industrial and manufacturing figures, which largely offset better-than-expected UK trade balance data.

This comes on the back of market concerns that Britain might crash out of the European Union at the end of the transition period later this year. This coupled with sustained buying interest surrounding the US dollar might keep a lid on any strong recovery for the major.

Moving ahead, market participants now look forward to the Fed Chair Jerome Powell's semiannual testimony before the Congress, which might influence the USD price dynamics and produce some meaningful trading opportunities later during the US session.

Technical levels to watch

GBP/USD

Overview
Today last price 1.2925
Today Daily Change 0.0014
Today Daily Change % 0.11
Today daily open 1.2911
 
Trends
Daily SMA20 1.3033
Daily SMA50 1.3079
Daily SMA100 1.2903
Daily SMA200 1.2693
 
Levels
Previous Daily High 1.2947
Previous Daily Low 1.2872
Previous Weekly High 1.3184
Previous Weekly Low 1.2882
Previous Monthly High 1.3281
Previous Monthly Low 1.2954
Daily Fibonacci 38.2% 1.2918
Daily Fibonacci 61.8% 1.2901
Daily Pivot Point S1 1.2873
Daily Pivot Point S2 1.2835
Daily Pivot Point S3 1.2798
Daily Pivot Point R1 1.2948
Daily Pivot Point R2 1.2985
Daily Pivot Point R3 1.3023

 

 

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