GBP/USD fades gains, back around 1.3200

Cable gave away initial gains to 1.3260.
No catalyst for the pullback other than fresh selling orders.
Brexit, UK politics remain in centre stage.

Pablo Piovano FXStreet

After advancing to fresh multi-day tops around 1.3260, GBP/USD met a bout of selling impetus that briefly dragged it to sub-1.3200 levels.

GBP/USD upside capped around 1.3260

Cable accelerated the upside after breaking above the near term resistance line off 2017 tops seen in mid-September, today in the 1.3180 area, although gains appear so far limited around the 1.3260 region.

Earlier upside momentum in spot has been fuelled by increasing selling impetus around the buck mainly on US politics jitters. In addition, Brexit concerns appear somewhat alleviated as of late, while the absence of headlines around the UK political arena also helped the Sterling to gain traction.

Nothing expected in the UK’s docket today, while investors seem to have already digested the poor inflation figures published on Tuesday and auspicious results from the UK’s labour market and retail sales.

Across the pond, housing starts and building permits are only due later in the session.

GBP/USD levels to consider

As of writing the pair is losing 0.01% at 1.3193 facing the next support at 1.3184 (low Nov.17) seconded by 1.3161 (10-day sma) and finally 1.3135 (low Nov.16). On the upside, a break above 1.3260 (high Nov.17) would open the door to 1.3321 (high Nov.1) and then 1.3343 (50% Fibo of 1.3658-1.3017). Further out, FXStreet’s Technical Confluence Index (TCI) notes a strong support area in the 1.3160 region, where coincide Bollinger Bands and daily/weekly Fibo retracement.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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