•  Uncertainty over the duration of Article 50 exerts seemed to weigh on the GBP.
   •  A renewed slide in the US bond yields undermine USD and helped limit losses.

The GBP/USD pair finally broke down of its Asian session consolidation phase and dropped to fresh session low in the last hour, albeit quickly recovered few pips thereafter.

As investors continue to digest this week's key Brexit votes, wherein the UK Parliament on Thursday finally voted to pass a motion to request an extension of Article 50, the pair retreated farther from nine-month tops set earlier this week and remained under some selling pressure for the second consecutive session. 

The UK will now ask the EU for a delay of the looming Brexit deadline to June 30, subject to a deal being approved by March 20. The proposal also denotes a longer extension if Parliament rejects May's deal for the third time, which might prolong Brexit uncertainties and was seen weighing on the British Pound.

Meanwhile, the US Dollar failed to preserve the overnight modest uptick and remained on the defensive amid some renewed slide in the US Treasury bond yields and eventually helped limit deeper losses, with bears still awaiting a sustained weakness below the 1.3200 handle.

In absence of any major market moving economic releases from the UK, the incoming Brexit-related news might continue to act as an exclusive driver of the sentiment surrounding the British Pound. Later during the early North-American session, second-tier US economic data might produce some short-term trading opportunities.

Technical levels to watch

GBP/USD

Overview:
    Today Last Price: 1.3225
    Today Daily change: -16 pips
    Today Daily change %: -0.12%
    Today Daily Open: 1.3241
Trends:
    Daily SMA20: 1.3129
    Daily SMA50: 1.3013
    Daily SMA100: 1.2894
    Daily SMA200: 1.2983
Levels:
    Previous Daily High: 1.3342
    Previous Daily Low: 1.3207
    Previous Weekly High: 1.3269
    Previous Weekly Low: 1.299
    Previous Monthly High: 1.3351
    Previous Monthly Low: 1.2773
    Daily Fibonacci 38.2%: 1.3259
    Daily Fibonacci 61.8%: 1.329
    Daily Pivot Point S1: 1.3185
    Daily Pivot Point S2: 1.3129
    Daily Pivot Point S3: 1.3051
    Daily Pivot Point R1: 1.3319
    Daily Pivot Point R2: 1.3397
    Daily Pivot Point R3: 1.3453

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD stabilizes around 1.1050 amid stimulus speculation

EUR/USD has drifted back to around 1.1050 as markets digest European talk of fiscal stimulus and as the fallout from the Fed's hawkish cut on Wednesday. 

EUR/USD News

GBP/USD advances toward 1.25 after the BOE, Brexit impasse

GBP/USD is trading closer to 1.25, marginally higher. The BOE left its interest rates unchanged in a unanimous vote. The bank stated that it assumes a smooth Brexit. Uncertainty about the UK's exit prevails.

GBP/USD News

USD/JPY keeps losses below 108.00 as BOJ disappoints the doves

USD/JPY keeps the losses below 108.00, as the Japanese Yen remains on the front foot in reaction to the Bank of Japan's (BOJ) status-quo that came in as a disappointment for the doves. 

USD/JPY News

Gold inches higher above $1,500 as US T-bond yields continue to slide

The troy ounce of the precious metal didn't have a difficult time recovering yesterday's losses but continues to trade in its weekly range and doesn't give any signals of a breakout in the near-term. 

Gold News

Bitcoin looks for volatility and shakes the bullish trend

The ruthless crypto market purges the weakest hands of the market –  or perhaps the fastest – and positions are liquidated to take profits after good gains in the short term.

Read more

Forex MAJORS

Cryptocurrencies

Signatures