GBP/USD resumes slide and hits fresh weekly lows near 1.3050

  • Pound under pressure across the board on the back of the Brexit drama. 
  • UK PM May at the European Union summit in Brussels. 

The GBP/USD pair broke previous lows and tumbled to 1.3063, reaching the lowest level since March 13. From the lows bounced to the upside and as of writing was hovering around 1.3085, slightly above the lows but still under pressure. 

The move lower took place amid a decline fo the pound across the bard and also on the back of a stronger US dollar. The DXY printed a fresh daily high at 96.50, erasing yesterday’s losses that followed the Fed’s meeting. 

Regarding the pound, UK political uncertainty and Brexit latest events weigh significantly. It is among the worst performers of the day. Reports indicate that leaders at the EU summit are asking UK PM May to get her deal approved in the Parliament before granting an extension to Article 50.  Also, the date of the extension is being debated actively. 

Earlier today, the Bank of England, as expected, kept its monetary policy unchanged, on an event mostly ignored by markets, offset by Brexit developments.  “The BoE’s hands are currently tied as the bank awaits further news on Brexit. If either Theresa May manages to pass her deal before March 29 or if the UK and EU agree to a long deadline extension, we think it is plausible that the BoE will hike in August. Thus, both outcomes should decrease uncertainty somewhat in the short-run and make room for a hike, as the “wage hawks” in the MPC probably have been wanting for a while”, wrote Morten Lund, Research Analyst at Nordea Markets.

GBP/USD

Overview
Today last price 1.3085
Today Daily Change -0.0111
Today Daily Change % -0.84
Today daily open 1.3196
 
Trends
Daily SMA20 1.3183
Daily SMA50 1.3052
Daily SMA100 1.2913
Daily SMA200 1.298
 
Levels
Previous Daily High 1.3282
Previous Daily Low 1.3146
Previous Weekly High 1.3384
Previous Weekly Low 1.296
Previous Monthly High 1.3351
Previous Monthly Low 1.2773
Daily Fibonacci 38.2% 1.3198
Daily Fibonacci 61.8% 1.323
Daily Pivot Point S1 1.3134
Daily Pivot Point S2 1.3072
Daily Pivot Point S3 1.2999
Daily Pivot Point R1 1.327
Daily Pivot Point R2 1.3344
Daily Pivot Point R3 1.3405

 

 

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