GBP/USD fails again above 1.3100, ends week again around 1.3060

  • Monetary policy expectations weighed on GBP. 
  • GBP/USD keeps moving without a clear direction in the short-term. 

The GBP/USD fell on Friday for the fourth day in a row, even despite weaker than expected US data and the slide of the DXY. The pound remains weak amid policy expectations from the Bank of England

“Comments from Bank of England governor Mark Carney and Silvana Tenreyro suggest that the central bank may have ended their Brexit moratorium and be edging towards a rate cut. If so, this would probably take place at the 7 May meeting”, explained ING analysts. They see jobs data as critical for the central bank. Next week data does not include jobs but inflation (Tuesday) and retail sales (Friday). 

Brexit developments offered no surprise at the UK Parliament, having no relevant impact on the pound. According to ING analysts, the Brexit withdrawal agreement is not playing a decisive role in pricing right now. “Instead, news that the BoE is turning a little more dovish, plus no signs of a serious US slow-down, suggests GBP/USD may be spending more time at the lower end of its 1.29-1.35 trading range”.

Technical outlook 

The pair shows no clear bias in the weekly chart, closing near 1.3065 for the third week in a row. “It is trading within a narrowing triangle or wedge. Uptrend support is more moderate and began in November. Downtrend resistance is steeper and kicked off at the peak of 1.3510 around the elections. Overall, support is stronger”, explained Yohay Elam, analyst at FXStreet. 

According to Elam, the picture is modestly bullish considering GBP/USD is trading above the 50, 100, and 200-day Simple Moving Averages. “Critical support awaits at 1.3010, which capped cable in October and also in January. It is followed by 1.2920, which was a swing low around Christmas.”



Today last price 1.3055
Today Daily Change -0.0012
Today Daily Change % -0.09
Today daily open 1.3067
Daily SMA20 1.3105
Daily SMA50 1.3015
Daily SMA100 1.2747
Daily SMA200 1.2692
Previous Daily High 1.3125
Previous Daily Low 1.3013
Previous Weekly High 1.3285
Previous Weekly Low 1.3053
Previous Monthly High 1.3515
Previous Monthly Low 1.2896
Daily Fibonacci 38.2% 1.3056
Daily Fibonacci 61.8% 1.3082
Daily Pivot Point S1 1.3011
Daily Pivot Point S2 1.2956
Daily Pivot Point S3 1.2899
Daily Pivot Point R1 1.3124
Daily Pivot Point R2 1.318
Daily Pivot Point R3 1.3236



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD rebounds to 1.1350 on modest dollar weakness

EUR/USD regained its traction after declining toward 1.1320 during the European session and rose to 1.1350 area. The dollar's is facing modest selling pressure amid falling US Treasury bond yields and allowing the pair to continue to edge higher ahead of the weekend.


GBP/USD struggles to pull away from 10-day low set near 1.3550

GBP/USD fell toward 1.3550 on Friday and touched its weakest level in 10 days. Although the US Dollar Index stays in the negative territory in the early American session, the risk-averse market environment doesn't allow the pair to stage a convincing recovery.


Gold reclaims $1,840 amid falling US T-bond yields

Gold reversed its direction after testing $1,830 earlier in the day and turned positive on the day above $1,840. The benchmark 10-year US Treasury bond yield is losing more than 3% at 1.75%, fueling XAU/USD's rebound.

Gold News

BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read more

Will the Netflix stock price rebound?

Netflix stock edged down after better than expected Q4 results. Will the Netflix stock price rebound? Expectations of rising subscription and higher prices are bullish for Netflix stock price.

Read more