GBP/USD probes weekly highs under 1.3400, backs off for now

GBP/USD rallied as high as the mid-1.3390s on Wednesday, but has since eased off back to close to 1.3380.
The pair is eyeing a test of highs set on Monday at 1.3398, ahead of a test of the psychologically important 1.3400 level.

Joel Frank Independent Analyst

On Wednesday, GBP/USD fell as low as 1.3310 during the European morning session, but through the European afternoon and US morning ground back towards highs set on Monday of just below 1.3400. As trade settles down for what is likely to be a quiet Thursday Asia session ahead of thin US Thanksgiving holiday trade for the rest of the week, the pair has eased back to around 1.3380.

GBP/USD bulls eye a test of year-to-date highs

If Cable can crack it above 1.3400, there is not much by way of significant areas of resistance ahead of year-to-date highs at 1.3485, a level bulls are likely to gun for in case of a decisive upside break (perhaps spurred by the news of a Brexit deal being reached).

In the bearish scenario, the first area of support is likely to come around 1.3350 in the form of an uptrend linking last Thursday’s, Monday’s and Tuesday’s lows. Beyond that, Wednesday’s low at 1.3304, Tuesday’s low at 1.3293 and Monday’s low at 1.3262 are the next support zones to watch out for.

GBP/USD hourly chart

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.