GBP/USD regains 1.2900 handle on Brexit headlines

Absence of immediate challenge to PM May’s position and a likely Brexit deal voting helps the GBP.
Lack of UK data highlights the US economic calendar for predicting the rest of the day’s moves.

Anil Panchal FXStreet

The GBP/USD pair regains its stand above 1.2900 while heading into the London open on Thursday. Uncertainty surrounding Brexit and the UK PM May’s future leadership dragged the British Pound (GBP) down while broad strength of the US Dollar (USD) also played its part in flashing nine-week low on Wednesday.

During early Thursday, news reports concerning the senior conservatives removing immediate question-marks on the PM May’s position were on the wire.

Adding to the Pound’s positive outlook could be Sky News signaling that PM May could put forward Brexit deal for a vote in the parliament sometime during next week.

Even if recent positive news from the UK seems to help the pair, traders are still to confront the US data as no major British statistics are up for release today.

On the US side, weekly initial jobless claims and February month durable goods orders will gain major market attention. The jobless claims for the week ended on April 19 might increase to 200K from 192K prior while durable goods orders could rose to +0.8% from -1.6% earlier decline. Additionally, nondefense capital goods orders ex-aircraft bear the expectations of reversing earlier -0.1% contraction with +0.1% expansion.

GBP/USD Technical Analysis

Despite bouncing off 1.2880, the GBP/USD pair needs to surpass 100-day and 200-day simple moving average (SMA) confluence region near 1.2960-65 in order to aim for 38.2% Fibonacci retracement of its January to March month rise near 1.3020.

If the pair fails to hold recent upside momentum and dips beneath 1.2880, 1.2820 and 61.8% Fibonacci retracement near 1.2790 could flash on the chart.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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