GBP/USD: Failing to sustain above the 1.2400 mark


GBP/USD gained some positive traction for the second straight session on Wednesday while a slew of important UK macro data failed to impress bulls or provide any meaningful impetus, FXStreet’s analyst Haresh Menghani briefs.

Key quotes

“A slew of important UK macro data did little to impress bullish traders or assist the pair to capitalize on its positive move witnessed over the past two trading session. The market focus now shifts to the US economic docket, which highlights the release of initial weekly jobless claims.”

“A sustained strength above the 1.2420 supply zone might prompt some near-term short-covering move and accelerate the momentum towards the next major hurdle near the 1.2475-80 region.”

“On the flip side, immediate support is now pegged near the 1.2330-25 region and is closely followed by the 1.2300 round-figure mark.”

 

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD near 8-week highs amid upbeat mood, EU fund optimism

EUR/USD is trading above 1.10, close to the recent 8-week highs it reached earlier. Investors are eyeing reopenings and the European Commission's ambitious recovery fund. Markets are shrugging off Sino-American tensions for now. US data is awaited.

EUR/USD News

GBP/USD pressured by Brexit, negative rates talk

GBP/USD is trading below 1.23, on the back foot. Britain's refusal to extend the Brexit transition period and the BOE's open door to negative rates weigh on the pound. US data and political developments around the Cummings scandal are eyed.

GBP/USD News

US Durable Goods Orders April Preview: If the automobile dealerships are closed, how do you buy a car?

As if any further proof is required that the US economy has experienced the fastest and deepest collapse in consumption and economic growth in its history, orders for durable goods are expected to match or surpass their largest declines on record.

Read more

XAU/USD eyes $1736 amid inverse head and shoulders breakout

Gold prices (XAU/USD) snap three-day losing streak and rebound sharply on Thursday, mainly driven by the increased flight to safety buying, as the US-China tensions spike up over the Hong Kong security issue.

Gold News

WTI: Bears can ignore latest bounces toward $32.00

WTI’s recovery moves from $31.49, fades momentum as the black gold trades down -1.39% on a day, ahead of the European open on Thursday. The energy benchmark’s sustained break of the 11-day-old rising trend line, as well as 200-HMA, keeps the bears’ hopeful.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures