TRENDING:

GBP/USD looking to close bearish opening gap?

The bears appear to take a breather during mid-Asia, allowing a minor-recovery in the GBP/USD pair back towards the mid-point of 1.29 handle.

GBP/USD awaits UK data for fresh impetus

Currently, GBP/USD moves away from five-day lows and attempts a tepid-bounce, in a bid to fill in the bearish opening gap. At the time of writing, GBP/USD drops -0.26% to 1.2944, recovering from a steep drop to 1.2919 levels.

The GBP/USD extended its ongoing bearish momentum and fell sharply, as the pound was slammed on renewed Brexit fears, following British PM May’s latest comments. May noted in her Tory party conference that the UK will begin the formal Brexit negotiation process by the end of March 2017 and that the UK looks set to leave the EU by summer 2019.

However, the losses remained capped amid a risk-friendly environment, in response to higher Asian equities as Deutsche bank-related concerns ease. Next of note for the major remains the UK manufacturing PMI data ahead of the US ISM manufacturing report due later in the NA session.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.2967 (5-DMA), above which 1.2986 (10-DMA) and 1.3000 (round figure) would be tested. On the flip side, support is seen at 1.2914 (Sept 26 low) below that at 1.2900 (key support) and at 1.2872/63 (mid-Aug lows).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD falls to near 1.1600 due to fading Fed rate cut bets

EUR/USD extends its losses for the second successive session, trading around 1.1610 during the Asian hours on Monday. The pair appreciates as the US Dollar receives support from cautious remarks given by US Federal Reserve officials, diminishing the likelihood of an interest rate cut in December.

GBP/USD weakens to near 1.3150 as BoE rate cut expectations grow on weak UK data

The GBP/USD pair declines to near 1.3155 during the early Asian session on Monday. The Pound Sterling softens against the US Dollar amid concerns about the UK's fiscal debt and weak economic data from the UK. Bank of England External Member Catherine Mann is set to speak later on Monday.

Gold could stage a rebound if key $4,070 support holds

Gold retakes $4,100 early Monday, snapping a two-day pullback from three-week highs. US Dollar firms up amid reduced December Fed rate cut bets, awaits US NFP release on Thursday. Gold defends critical support zone near $4,070 on the daily chart, while RSI stays bullish.

Top Crypto Gainers: Aster, Starknet, and Zcash recovery at risk

Aster, Starknet, and Zcash trade in the green over the last 24 hours, struggling to retain gains while the broader cryptocurrency market is in the red. The technical outlook of Aster and Zcash remains mixed as bearish potential arises, while Starknet could extend its consolidation range breakout rally.

Week ahead: US schedule awaited – Fed minutes, CPI and flash PMI on tap [Video]

Canada, Japan and the UK to publish CPI data, but not the US. US October jobs and inflation reports may never get released. New release schedule likely; FOMC minutes eyed in meantime. Flash PMIs to be watched amid renewed economic worries

VeChain mainnet upgrade shifts consensus mechanism from PoA to DPoS as VET extends decline

VeChain holds above $0.0150 as overhead pressure signals a 15% downside risk. VeChain migrates from Proof of Authority to Delegated Proof of Stake to power the network’s next growth phase.