GBP/USD refreshes session low, around 1.3100 level

  • GBP/USD failed to capitalize on the overnight goodish positive move.
  • Brexit uncertainty, a pickup in the USD demand exerted some pressure.

The GBP/USD pair edged lower through the early North-American session on Thursday and refreshed daily lows, around the 1.3100 mark in the last hour.

As investors assessed the possibility of a BoE rate cut at its upcoming meeting on January 30, the pair failed to capitalize on the previous session's goodish intraday positive move and witnessed a modest pullback on Thursday.

It is worth recalling that the pair on Wednesday rallied around 120 pips intraday after the CBI's Quarterly Business Situation Index jumped sharply to +23 in January from -44 in October and marked the stronger level since April 2014.

The change also represented the largest quarterly swing since 1958 and added to the latest optimism led by Tuesday's stronger-than-expected UK wage growth figures. This eventually forced investors to trim BoE rate cut bets.

However, market concerns that Britain might crash out of the European Union by the end of this year held investors from placing any aggressive bullish bets and kept a lid on any runaway rally for the major, at least for the time being.

This coupled with the prevailing bullish sentiment surrounding the US dollar, further supported by the post-ECB weakness in the shared currency, exerted some additional pressure and contributed to the pair's downtick over the past hour or so.

Technical levels to watch


Today last price 1.3121
Today Daily Change -0.0014
Today Daily Change % -0.11
Today daily open 1.3135
Daily SMA20 1.3086
Daily SMA50 1.3048
Daily SMA100 1.2823
Daily SMA200 1.2691
Previous Daily High 1.3154
Previous Daily Low 1.3035
Previous Weekly High 1.312
Previous Weekly Low 1.2954
Previous Monthly High 1.3515
Previous Monthly Low 1.2896
Daily Fibonacci 38.2% 1.3109
Daily Fibonacci 61.8% 1.308
Daily Pivot Point S1 1.3062
Daily Pivot Point S2 1.2989
Daily Pivot Point S3 1.2943
Daily Pivot Point R1 1.3181
Daily Pivot Point R2 1.3227
Daily Pivot Point R3 1.33



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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD remains pressured after US data misses estimates

EUR/USD is trading closer to 1.1750, paring its recovery from earlier in the day as the safe-haven dollar is bid. US Consumer Sentiment missed estimates with 72 points in September. The financial woes of China's Evergrande are weighing on sentiment.


GBP/USD trades under 1.38 amid on UK data, dollar strength

GBP/USD is on the back foot, trading under 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 


XAU/USD surrenders intraday gains, drops closer to $1,750 level

Gold struggled to preserve its intraday gains and dropped to the lower end of the daily trading range during the early North American session. 

Gold News

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing. Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more