GBP/USD plummets to multi-month lows below 1.28 on UK politics, USD strength


  • UK PM May is expected to present the timetable for her departure. 
  • US Dollar Index climbs above 97.70.
  • The 10-year US T-bond yield gains nearly 1% on Thursday.

The GBP/USD pair came under a renewed bearish pressure in the last hour and slumped below the 1.28 mark for the first time since February 14. As of writing, the pair was trading at 1.2795, losing 0.42% on a daily basis.

Earlier today, reports of British Prime Minister Theresa May meeting with the 1922 Committee to present the timetable for her departure weighed on the British pound. Furthermore, opposition Labour Party Brexit spokesman Starmer told reporters that his party will vote against the UK PM May’s withdrawal agreement bill unless they were able to make a deal with the government before the vote to make it difficult for the currency to stay resilient against its rivals.

On the other hand, the decisive rebound witnessed in the 10-year US T-bond yield amid a lack of headlines surrounding the U.S.-China trade conflict seems to be helping the greenback gather strength on Thursday. At the moment, the DXY is up 0.14% on a daily basis at 97.70.

Today's data from the U.S. showed that weekly jobless claims fell to 212K in the week ending May 10 and came in better than the market expectation of 220K. Additionally, housing starts and building permits increased by 5.7% and 0.6%, respectively, on a monthly basis in April.

Technical levels to consider

GBP/USD

Overview
Today last price 1.2799
Today Daily Change -0.0049
Today Daily Change % -0.38
Today daily open 1.2848
 
Trends
Daily SMA20 1.2986
Daily SMA50 1.3073
Daily SMA100 1.3015
Daily SMA200 1.2958
Levels
Previous Daily High 1.2924
Previous Daily Low 1.2826
Previous Weekly High 1.3171
Previous Weekly Low 1.2967
Previous Monthly High 1.3196
Previous Monthly Low 1.2865
Daily Fibonacci 38.2% 1.2863
Daily Fibonacci 61.8% 1.2886
Daily Pivot Point S1 1.2808
Daily Pivot Point S2 1.2768
Daily Pivot Point S3 1.2711
Daily Pivot Point R1 1.2906
Daily Pivot Point R2 1.2963
Daily Pivot Point R3 1.3003

 

 

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: Adds 8 pips in Asia, remains trapped in a bear flag

EUR/USD picked up a bid at 1.1084 at 00:00 GMT and rose to 1.1092 a few minutes before press time. As of writing, the currency pair is trading at 1.1089. The buyers failed to keep the pair above 1.11 for the third straight day on Wednesday.

EUR/USD News

GBP/USD: Struggles between 10/21-DMA amid bullish MACD

Despite reversing from the 21-day simple moving average (DMA), GBP/USD remains above 10-DMA as it trades near 1.2134 during Asian session on Thursday. Supporting the pair’s upside is a bullish signal by 12-bar MACD.

GBP/USD News

USD/JPY: Weaker below 106.50, focus on T-yields ahead of Powell

USD/JPY trades weaker below the 106.50 level, tracking the negative S&P 500 futures and a cautious sentiment on the Asian equities, as attention shifts from the FOMC minutes to the Fed's Powell speech for fresh direction. 

USD/JPY News

Gold: Trapped in a symmetrical triangle

Gold is trapped in a narrowing price or a symmetrical triangle pattern, according to the 4-hour chart. The yellow metal rose to a six-year high of $1,353 per Oz on Aug. 13 and has charted lower highs and higher lows ever since.

Gold News

The Fed Minutes are Out, but Does It Matter?

The FOMC July 31st Minutes were released earlier today and the collective market seems to think the minutes are less dovish than expected! Gold was volatile right before the release.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •