• GBP/USD witnessed a subdued/range-bound price action on Thursday.
  • Bulls largely shrugged off and seemed unimpressed by UK macro data.
  • A softer tone surrounding the USD extended some support to the pair.

The GBP/USD pair extended its sideways consolidative move around the 1.3870-65 region and had a rather muted reaction to the UK macro data dump.

The pair was seen oscillating in a range through the first half of the trading action on Thursday and so far, has failed to capitalize on the overnight solid bounce from the 1.3800 mark. That said, a subdued US dollar price action continued lending some support to the GBP/USD pair.

The US CPI report released on Wednesday showed signs of moderation in inflationary pressure and eased fears about an early withdrawal of the stimulus by the Fed. This was evident from a follow-through pullback in the US Treasury bond yields, which acted as a headwind for the greenback.

The GBP/USD pair, however, struggled to gain any meaningful traction and move little following the release of better-than-expected UK monthly GDP print. In fact, the economy expanded by 1% MoM in June against 0.8% anticipated and the quarterly growth rate stood at 4.8%, as expected.

This was accompanied by stronger Manufacturing and Industrial Production data for June. The positive readings were offset by an unexpected jump in the UK trade deficit, to £11.988 billion from £9.601 billion. This was seen as the only factor that capped gains for the GBP/USD pair.

Market participants now look forward to the US economic docket, featuring the release of the Producer Price Index (PPI) and the usual Initial Weekly Jobless Claims. This, along with the US bond yields, might influence the USD and provide some trading impetus to the GBP/USD pair.

Technical levels to watch


Today last price 1.387
Today Daily Change 0.0005
Today Daily Change % 0.04
Today daily open 1.3865
Daily SMA20 1.3832
Daily SMA50 1.3901
Daily SMA100 1.3926
Daily SMA200 1.3771
Previous Daily High 1.3888
Previous Daily Low 1.3803
Previous Weekly High 1.3958
Previous Weekly Low 1.3861
Previous Monthly High 1.3984
Previous Monthly Low 1.3572
Daily Fibonacci 38.2% 1.3855
Daily Fibonacci 61.8% 1.3835
Daily Pivot Point S1 1.3816
Daily Pivot Point S2 1.3767
Daily Pivot Point S3 1.3731
Daily Pivot Point R1 1.3901
Daily Pivot Point R2 1.3937
Daily Pivot Point R3 1.3986



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 Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD Price Analysis: Bounces on Double Bottom, bullish reversal needs more filters

AUD/USD Price Analysis: Bounces on Double Bottom, bullish reversal needs more filters

The AUD/USD pair is going through a correction phase after facing barricades around 0.6920 in the New York session. The asset displayed some signs of reversal on Thursday after finding bids while testing two-week-old support at 0.6850.


USD/JPY inches towards 136.00 on higher-than-expected Unemployment data

USD/JPY inches towards 136.00 on higher-than-expected Unemployment data

The USD/JPY pair is aiming towards 136.00 as the Statistics Bureau of Japan has reported higher-than-expected Unemployment data. 


Gold Price Forecast: XAU/USD struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold Price Forecast: XAU/USD struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold Price (XAU/USD) holds onto the previous day’s bearish bias, despite taking rounds to the multi-day low surrounding $1,805 during Friday’s Asian session.

Gold News

One of the most iconic American rappers is bullish on Ethereum despite recent price slump

One of the most iconic American rappers is bullish on Ethereum despite recent price slump

Snoop Dogg and his son Champ Medici are one of the most prominent celebrities in the Ethereum NFT ecosystem. Dogg argues that the bear market is weeding out all the people who are not supposed to be in the space.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!