GBP/USD jumps from below 1.1700 to the 1.1850 zone

  • Pound erases losses against USD, EUR and CHF. 
  • Wall Street indexes up by more than 3%, after having on Tuesday the best day in 87 years. 

The GBP/USD pair bounced sharply, rising more than two hundred pips from the daily low and it is back in positive territory for the day. The bounce took place amid a decline of the US dollar and as Wall Street extends gains. Cable had bottomed out at 1.1633 and recently tested 1.1840/50. As of writing it trades at 1.1800/10, modestly higher for the day. 

DXY tumbles to fresh lows 

Equity prices in the US broke higher over the last hour. The Dow Jones is up 6% and the Nasdaq 3.1%. US yields are falling on Wednesday, with the 10-year one standing at 0.80%. As Wall Street jumped to fresh highs, the US Dollar Index broke lower. The DXY trades at 101.15, about to test the 101.05/10 support (Mar 20 & 23 lows), down 0.88%. 

The weaker greenback boosted GBP/USD back to positive territory. Risk appetite across financial markets on Wednesday favors particularly main European and emerging market currencies. 

Economic data from the UK (inflation) and from the US on Wednesday was mostly ignored by market participants. On Thursday, the Monetary Policy Committee of the Bank of England will announce its decision and will release the minutes of this meeting and also the minutes from the March 19 emergency meeting. In the US, initial jobless claims number is expected to show a large increase.  

Technical levels 


Today last price 1.1836
Today Daily Change 0.0077
Today Daily Change % 0.65
Today daily open 1.1759
Daily SMA20 1.2456
Daily SMA50 1.2789
Daily SMA100 1.2905
Daily SMA200 1.2677
Previous Daily High 1.18
Previous Daily Low 1.1501
Previous Weekly High 1.24
Previous Weekly Low 1.1412
Previous Monthly High 1.3204
Previous Monthly Low 1.2726
Daily Fibonacci 38.2% 1.1685
Daily Fibonacci 61.8% 1.1615
Daily Pivot Point S1 1.1573
Daily Pivot Point S2 1.1388
Daily Pivot Point S3 1.1275
Daily Pivot Point R1 1.1872
Daily Pivot Point R2 1.1985
Daily Pivot Point R3 1.217



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

AUD/USD holds onto recovery gains above 0.6050, RBA eyed

AUD/USD stays within the two-hour-old 0.6080-6100 range, currently around 0.6090, while stepping forward for Tuesday’s Asian session. In doing so, the pair holds onto Monday’s recovery gains, mainly due to slightly positive coronavirus (COVID-19) data from Europe, ahead of the key RBA meeting.


USD/JPY: Mildly bid above 109 amid mixed sentiment

Having benefited from the recovery in virus data from global hot-spot, while marking a three-day winning streak on Monday, USD/JPY buyers seem to catch a breath around 109.25 amid the early Asian session on Tuesday.


Gold: Refreshes four-week high, $1,685 on bulls’ radar

Gold prices remain on the front foot while taking the bids near $1,668, up 0.70%, amid the Asian session on Tuesday. In doing so, the bullion refreshes the four-week high with an intraday peak of $1,674.15 while also marking a fifth consecutive daily gain.

Gold News

WTI snaps three-day winning streak

WTI oil fell by over 8% on Monday, ending a three-day winning streak, which saw prices rise from $19.94 to $29.11. The black gold fell as Saudi Arabia and Russia's decision to delay an emergency meeting to discuss output cuts shifted focus back to oversupply concerns.

Oil News

Johnson Hospitalised, Oil Awaits Treatment

Sterling slipped after UK Prime Minister Boris Johnson was moved to the intensive care unit for coronavirus treatment, but the broad risk trade remained strong on optimism with slowing growth in the number of Corona virus cases. 

Read more