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

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: risk-off taking over on trade war escalation

The American Dollar sold off Friday, following US President Trump´s anger discharge on Twitter. The pair soared to 1.1152, its highest for the week, to finally settle at around 1.1140.

EUR/USD News

GBP/USD: Johnson and Tusk engaged in the blame-game

The GBP/USD pair flirted with the 1.2300 figure late Friday, ending the week with substantial gains around 1.2280, backed by Brexit hopes and the dollar’s broad weakness.

GBP/USD News

USD/JPY: lower lows at sight on the run to safety

The USD/JPY pair sunk Friday, following US President Trump’s fury with China and Fed’s head Powell, as the market rushed into safety. US yield curve inverted again, fears of recession rule.

USD/JPY News

Gold gains more than $30, eyes 2019 highs on Trump’s tweet

Gold continues to rise sharply amid concerns about the impact of the escalation in the US-China trade war. The demand for safe-haven assets emerged over the last hours, leading to a rally in the yellow metal. 

Gold News

Powell powerless against Trump's trade wars – US braces for recession, USD set to move

"The most powerful central banker in the world" – is how we and others characterize Fed Chair Jerome Powell. While that may be true – monetary policy is reaching its limits – especially in the face of a trade war.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •