GBP/USD erases all gains after hitting two-week highs above 1.3800

US dollar spikes lower and then recovers into the London fix.
GBP/USD remains unable to move away from the 1.3750 zone.

Matías Salord FXStreet

The GBP/USD spiked to 1.3807 during the American session, reaching the highest level in two weeks and then pulled back quickly, back to the 1.3750 zone. Cable remains unable to move away from the 1.3750 area.

The moves in GBP/USD were driven by the US dollar that is moving sideways, on a volatile session. The greenback benefit from higher US yields over the last hours. The 10-year rose back above 1.30%.

Market participants await Friday’s NFP. Economic data from the US on Tuesday, showed the Conference Board's Consumer Confidence declined to 113.8 in August from 125.1, below the market consensus of 124. The Chicago PMI fell to 66.8 in August from 73.4, also below expectations. On Wednesday, PMIs and the US ADP employment report are due.

Short-term outlook

The GBP/USD pair continues to move sideways around the 1.3750 level that is working as an equilibrium level. Another daily close here would be the third in a row, and the fourth out of the last five days.

A daily close above 1.3785 (20-day simple moving average) would be a positive development for the pound, while under 1.3690, the bearish pressure should intensify.

The bias still points to the downside in GBP/USD. The current bearish perspective in the short term could be negated with a firm rally above 1.3800.

Technical levels

GBP/USD

Overview
Today last price	1.3802
Today Daily Change	0.0042
Today Daily Change %	0.31
Today daily open	1.376

Trends
Daily SMA20	1.3794
Daily SMA50	1.3818
Daily SMA100	1.3922
Daily SMA200	1.3806

Levels
Previous Daily High	1.3775
Previous Daily Low	1.3734
Previous Weekly High	1.3781
Previous Weekly Low	1.3612
Previous Monthly High	1.3984
Previous Monthly Low	1.3572
Daily Fibonacci 38.2%	1.375
Daily Fibonacci 61.8%	1.3759
Daily Pivot Point S1	1.3738
Daily Pivot Point S2	1.3715
Daily Pivot Point S3	1.3696
Daily Pivot Point R1	1.3779
Daily Pivot Point R2	1.3798
Daily Pivot Point R3	1.3821

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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