GBP/USD ends Friday on a strong note ahead of election week

  • Pound gains momentums late on Friday, consolidates weekly gains.  
  • Cable ends week sharply higher, post highest weekly close since April. 

The GBP/USD pair rebounded late on Friday, trimming daily losses and consolidated a weekly gain of more than two hundred pips, ahead of critical days in the United Kingdom. 

Volatility set to continue 

The US dollar rose against majors on Friday after the release of the US official employment report. GBP/USD bottomed at 1.3099 and then bounced to the upside, ending the session hovering around 1.3135. The move off lows took on the back of a stronger pound across the board. 

The pair is about to post the highest weekly close since April supported by polls ahead of the general election in the United Kingdom. “What is priced in? A small Conservative majority is probably cooked into cable –  yet fewer than 68 seats projected by YouGov's Multilevel Regression Post-stratification (MRP) poll – the broadest statistical exercise leading to the vote”, explained Yohay Elam, analyst at FXStreet. According to him, a hung parliament will likely trigger a sterling sell-off while a broad majority may propel it higher. 

Elections in the UK will take place next Thursday, the day after the FOMC meeting. It looks like a busy week ahead with critical events that could likely keep volatility in GBP/USD elevated, also helped by technical factors. The pair broke on Tuesday a six-week trading range, rising finally above the 1.3000 area. 



Today last price 1.3138
Today Daily Change -0.0021
Today Daily Change % -0.16
Today daily open 1.3159
Daily SMA20 1.292
Daily SMA50 1.277
Daily SMA100 1.252
Daily SMA200 1.2697
Previous Daily High 1.3167
Previous Daily Low 1.3098
Previous Weekly High 1.2952
Previous Weekly Low 1.2827
Previous Monthly High 1.2986
Previous Monthly Low 1.2769
Daily Fibonacci 38.2% 1.314
Daily Fibonacci 61.8% 1.3124
Daily Pivot Point S1 1.3116
Daily Pivot Point S2 1.3073
Daily Pivot Point S3 1.3047
Daily Pivot Point R1 1.3184
Daily Pivot Point R2 1.321
Daily Pivot Point R3 1.3253



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 moving one step closer to 1.1000

The shared currency remains under pressure amid dismal local data and persistent demand for the greenback in a risk-averse environment. EUR/USD trading near a daily low of 1.1009.


GBP/USD trims early gains, trades in the red

The GBP/USD pair has retreated from its daily high of 1.3105 and now trades marginally lower daily basis near 1.3050, amid dollar’s strength, looming BOE and Brexit.


Crypto market: FOMO mode on, the late-comer's doubt

The crypto market opens the trading week by taking advantage of the momentum of the movement that started early Sunday morning. As if it were an established rhythm, this week it is time to go up after going down the previous one, and up again the previous one.

Read more

WTI bounces from 3-month lows near $52.00

There is no respite for the barrel of WTI on Monday, as prices of the American benchmark for the sweet light crude oil tumbled to the $52.00 region in early trade, area last visited in early October 2019.

Oil News

USD/JPY: Bears lead on the run to safety

Coronavirus getting stronger, infections to continue to rise. Risk-off Monday, an empty macroeconomic calendar exacerbates sentiment trading. USD/JPY to accelerate its decline on a break below 108.65, a critical Fibonacci support level.