GBP/USD lifeless around 1.30, what will be the next catalyst?


  • Choppy trading action amid Good Friday doesn't allow for sharp movements.
  • US Dollar Index clings to its weekly gains.
  • Coming up: Housing starts and building permits data from the U.S.

Similar to every other major pair, the GBP/USD is moving sideways in a tight range on Friday as market participants enjoy the long Easter weekend. As of writing, the pair was down 2 pips on the day at 1.2998.

Later in the session, housing starts, which is expected to increase by 6.5% in March following February's sharp 8.7% drop, and building permits from the United States will be released but are unlikely to receive a meaningful reaction from the markets. At the moment, the US Dollar Index is down 0.1% on the day at 97.35 while adding a little over 0.5% this week. Yesterday's sour market mood following the weak PMI data from the euro area boosted the DXY, which was stuck around the 97 mark during the first half of the week.

Nevertheless, the pair is likely to make limited fluctuations until we get the next major Brexit development. Earlier this week, several news outlets claimed that talks between the government and the opposition Labour party had hit another stalemate. Although a spokesman for the Labour party acted quickly to deny these reports, markets don't seem to be convinced that sides are closer to a deal than they were when they kicked off negotiations ahead of the April 10 EU summit.

According to The Guardian, Labour MPs have urged their leader Jeremy Corbyn not to "torpedo" the prospect of a Brexit agreement with British Prime Minister Theresa May by insisting on a second referendum but we are yet to see a convincing development that can actually impact the British pound's market valuation.

GBP/USD

Overview
Today last price 1.2998
Today Daily Change 0.0020
Today Daily Change % 0.15
Today daily open 1.2978
 
Trends
Daily SMA20 1.3095
Daily SMA50 1.3099
Daily SMA100 1.2954
Daily SMA200 1.2968
Levels
Previous Daily High 1.3055
Previous Daily Low 1.2978
Previous Weekly High 1.3133
Previous Weekly Low 1.303
Previous Monthly High 1.3384
Previous Monthly Low 1.296
Daily Fibonacci 38.2% 1.3007
Daily Fibonacci 61.8% 1.3026
Daily Pivot Point S1 1.2952
Daily Pivot Point S2 1.2927
Daily Pivot Point S3 1.2875
Daily Pivot Point R1 1.3029
Daily Pivot Point R2 1.3081
Daily Pivot Point R3 1.3106

 

 

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