GBP/USD rebounds to fresh daily highs near 1.2670

Dhwani Mehta FXStreet

Upbeat momentum seen around the European equities has once again lent support to the GBP bulls, lifting the GBP/USD pair from a brief drop to 1.2615 region.

The cable regains poise and now flirts with daily highs of 1.2672 amid risk-on market profile, as oil prices turn positive and the CBOE volatility index (VIX), fear gauge, drops -1.15%.

Moreover, stalled recovery in the US dollar across the board also opened doors for a renewed attempt to the upside in the major. Meanwhile, the USD index deflated from 100.20 levels to now trade around 100 barrier, down -0.27% on the day.

Markets now eagerly await the ECB verdict on the QE program for any rub-off effect on the GBP/USD pair. Meanwhile, the US initial jobless claims data will also remain in focus as we head towards the mid-European session.

GBP/USD Levels to consider

In terms of technical levels, upside barriers are lined up at 1.2700 (round figure), 1.2720 (100-DMA) and 1.2776 (2-month top). While supports are seen at 1.2625 (Daily pivot) and 1.2610 (10-DMA) and below that at 1.2565 (daily S1).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2571

36% Bullish
64% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 1.2532

32% Bullish
58% Bearish
11% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2404

10% Bullish
65% Bearish
25% Sideways

Bias Bearish

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.

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