GBP/USD remains steady above 1.2900 despite hard-Brexit speculation


  • GBP/USD trims losses and closes the week above 1.2900.
  • The pound shrugs off Boris Johnson’s call for a no-deal Brexit.

The sterling has shown resilience on Friday and managed to trim previous losses against the US dollar despite UK PM Boris Johnson’s plea to prepare for a no-deal exit from the European Union.

The pound trims losses and regains the 1.2900 level

Sterling has shrugged off negative pressure on Friday, taking advantage of a somewhat weaker US dollar, to bounce up from week lows at 1.2865 and return to 1.2920. The weekly chart, however, shows the pound on track to a 0.8% decline.

The uncertainty about the outcome of the Brexit talks with the EU has been the pound’s main driver this week. The initial optimism about the possibility of a trade deal vanished on Thursday when the disagreement on some key issues became more evident and sent the GBP lower against its main rivals.

The market, however, has reacted surprisingly cool to Johnson’s tough rhetoric. The pound has remained fairly firm across the board, even in a mildly positive tone, which suggests that the investors are still confident on a last-minute deal. This view has been reinforced by the European Commission President, Ursula van der Leyden, who affirmed that the EU will continue working to reach an agreement with the UK.

Technical levels to watch

GBP/USD

Overview
Today last price 1.2918
Today Daily Change 0.0005
Today Daily Change % 0.04
Today daily open 1.2913
 
Trends
Daily SMA20 1.2891
Daily SMA50 1.302
Daily SMA100 1.2831
Daily SMA200 1.271
 
Levels
Previous Daily High 1.303
Previous Daily Low 1.289
Previous Weekly High 1.305
Previous Weekly Low 1.2845
Previous Monthly High 1.3482
Previous Monthly Low 1.2676
Daily Fibonacci 38.2% 1.2944
Daily Fibonacci 61.8% 1.2977
Daily Pivot Point S1 1.2859
Daily Pivot Point S2 1.2805
Daily Pivot Point S3 1.272
Daily Pivot Point R1 1.2999
Daily Pivot Point R2 1.3084
Daily Pivot Point R3 1.3138

 

 

 

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