GBP/USD keeps the red near session lows, around 1.3180 region post-UK macro data


  • GBP/USD witnessed some follow-through selling for the second consecutive session on Thursday.
  • Mostly disappointing UK macro data failed to provide any respite or ease the intraday selling bias.

The GBP/USD pair remained depressed near two-day lows, around the 1.3180 region and had a rather muted reaction to the UK macro releases.

Data published by the Office for National Statistics showed that the UK economy expanded by 1.1% in September and 15.5% during the third quarter of 2020, both missing consensus estimates. Separately, the UK Industrial and Manufacturing Production figures for September also fell short of market expectations.

The data comes on the back of persistent Brexit-related uncertainties and continued undermining the sentiment surrounding the British pound. It is worth recalling that an Irish minister said on Wednesday that EU-UK negotiators are now set to miss their mid-November deadline for a new Brexit deal.

On the other hand, a pullback in the US equity futures drove some haven flows towards the US dollar. This, in turn, further contributed to the offered tone surrounding the GBP/USD pair and contributed to the retracement slide from levels beyond the 1.3300 mark or two-month tops set in the previous day.

Moving ahead, market participants now look forward to a scheduled speech by the BoE Governor Andrew Bailey. This, along with developments surrounding the Brexit saga, will influence the GBP price dynamics and continue to infuse some volatility around the GBP/USD pair.

Later during the early North American session, traders will take cues from the releases of the latest consumer inflation figures and Initial Weekly Jobless Claims data from the US.

Technical levels to watch

GBP/USD

Overview
Today last price 1.3187
Today Daily Change -0.0029
Today Daily Change % -0.22
Today daily open 1.3216
 
Trends
Daily SMA20 1.3038
Daily SMA50 1.2973
Daily SMA100 1.2925
Daily SMA200 1.271
 
Levels
Previous Daily High 1.3314
Previous Daily Low 1.3192
Previous Weekly High 1.3177
Previous Weekly Low 1.2854
Previous Monthly High 1.3177
Previous Monthly Low 1.282
Daily Fibonacci 38.2% 1.3238
Daily Fibonacci 61.8% 1.3267
Daily Pivot Point S1 1.3168
Daily Pivot Point S2 1.3119
Daily Pivot Point S3 1.3046
Daily Pivot Point R1 1.3289
Daily Pivot Point R2 1.3362
Daily Pivot Point R3 1.3411

 

 

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