GBP/USD: finding a bid in the open on a mixed dollar and despite Brexit w/e news

Ross J Burland FXStreet

GBP/USD has opened on the bid in early Asia while the dollar is mixed across the board - strong vrs the yen, euro and Aussie.

Market wrap: US dollar and US rates helped by data - Westpac

The pound has opened with a bid from lows of 1.2569 with a high up to test 1.26 the figure. The weekend news hasn't offered anything significant that can be related to the gaps across the board and mixed outlook, but the pound is robust, despite PM May's next challenge in respect of Brexit while opponents are launching a fresh legal action to upend her plans for leaving the EU and triggering Article 50 by the end of March 2017. The campaigners will be appealing to the high court in an effort to keep Britain in the single market and give MP's powers to veto over the terms of which Britain can leave the EU. Other news came with Fitch affirming the UK AA with a negative outlook. Also, 13 non OPEC members agreed to cut output by 558,000bpd, of which Russia have pledge to cut by 300,000bpd - Non-OPEC counties join the cartel in output cut

GBP/USD levels

GBP/USD recently failed 1.2778 and close to the 100 day ma. To the downside, there is room to the 1.2424 two month uptrend on a break below 1.2530/50 local support area and a subsequent sell-off below the 1.25 handle. "This remains the break down point to the 1.2090/85 October 11 and 25 lows," suggested analysts at Commerzbank, adding, "Intraday rallies are likely to now struggle circa 1.2665.Initial support lies at 1.2302/1.2285."

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2538

27% Bullish
60% Bearish
13% Sideways

Bias Bearish

1 Month

Avg Forecast 1.2497

33% Bullish
50% Bearish
17% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2395

15% Bullish
50% Bearish
35% Sideways

Bias Bearish

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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