GBP/USD flirting with tops near 1.3020

Pablo Piovano FXStreet

The British Pound has started the week on a firm note, lifting GBP/USD further north of the 1.3000 handle ahead of the opening bell in the Old Continent.

GBP/USD tests 2-day highs

Cable is advancing for the second session in a row so far on Monday, always against the backdrop of the persistent selling bias around the greenback. The US Dollar Index, in the meantime, stays depressed in the area of 93.65/60, levels last seen in June 2016.

After bottoming out in the 1.2930 region last week, the pair managed to regain some buying interest and retake the psychological 1.3000 limestone, as concerns over Brexit and UK politics seem to have taken a breather.

Sustaining the momentum in GBP, the speculative community trimmed their net shorts to the lowest level since early November 2015 during the week ended on July 18, as per the latest CFTC report.

Further news from the UK cited the government remains focused in clinching the best deal with the EU.

GBP/USD levels to consider

As of writing the pair is gaining 0.19% at 1.3019 and a break above 1.3038 (high Jul.20) would open the door to 1.3115 (high Jul.14) and finally 1.3127 (2017 high Jul.18). On the downside, the immediate support aligns at 1.2987 (10-day sma) followed by 1.2948 (21-day sma) and finally 1.2930 (low Jul.20).

Furthermore, the daily RSI (14) stays around 57, while the MACD remains within the positive territory.

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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.