GBP/USD hangs around weekly lows, just above mid-1.2900s


  • GBP/USD remains depressed for the second consecutive session on Thursday.
  • Fears of a no-deal Brexit, stronger USD continued exerting downward pressure.

The GBP/USD pair edged lower through the mid-European session on Thursday and is currently placed near the lower end of its daily trading range, just above mid-1.2900s.

Following a brief consolidation through the early part of Thursday's trading action, the pair met with some fresh supply and turned lower for the second consecutive session – also marking its third day of a negative move in the previous four.

Brexit concerns continue to weigh on the pound

Market fears that Britain might crash out of the European Union at the end of the transition period later this year continued undermining the British pound and turned out to be one of the key factors exerting some downward pressure on the major.

On the other hand, the US dollar stood tall near two-month tops and remained well supported by the incoming stronger US macro data. However, a modest pullback in the US Treasury bond yields capped the USD upside, albeit did little to provide any respite to the major.

Thursday's relatively thin US economic docket, featuring the release of the usual initial weekly jobless claims, seems unlikely to provide any meaningful impetus. Hence, the key focus will remain on Friday's important release of the closely watched US monthly jobs report (NFP).

Technical levels to watch

GBP/USD

Overview
Today last price 1.2963
Today Daily Change -0.0029
Today Daily Change % -0.22
Today daily open 1.2992
 
Trends
Daily SMA20 1.3052
Daily SMA50 1.308
Daily SMA100 1.289
Daily SMA200 1.2696
 
Levels
Previous Daily High 1.3071
Previous Daily Low 1.2956
Previous Weekly High 1.3207
Previous Weekly Low 1.2974
Previous Monthly High 1.3281
Previous Monthly Low 1.2954
Daily Fibonacci 38.2% 1.3
Daily Fibonacci 61.8% 1.3027
Daily Pivot Point S1 1.2942
Daily Pivot Point S2 1.2891
Daily Pivot Point S3 1.2827
Daily Pivot Point R1 1.3057
Daily Pivot Point R2 1.3121
Daily Pivot Point R3 1.3172

 

 

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