GBP/USD retreats from 1-week tops, approaching 1.2900 mark

GBP/USD fails to capitalize on the early uptick and runs out of the steam near mid-1.2900s.
Uncertainty over the outcome of the UK election seemed to be a factor exerting pressure.
The downside seems more likely to remain limited amid weaker USD, thin liquidity conditions.

Haresh Menghani FXStreet

The GBP/USD pair failed to capitalize on its early uptick to one-week tops and is currently placed near the lower end of its daily trading range, just above the 1.2900 handle.

The pair gained some follow-through traction during the early part of Thursday's trading action and added to the overnight gains, hitting one-week tops amid increasing odds of a significant majority for Conservatives.

Focus remains on UK politics

In fact, the latest poll by YouGov MRP, released on Wednesday, predicted that the UK Prime Minister Boris Johnson's Conservative Party will win 359 seats as against 211 for Labour, 13 for LibDems and 43 for SNP.

However, the fact that every other opinion poll has been hinting at a narrowing lead for the Tories, the positive momentum quickly ran out of the steam, rather met with some fresh supply near the 1.2950 supply zone.

Apart from the UK political uncertainty, the downtick lacked any obvious fundamental catalyst and seems more likely to remain limited. A subdued US dollar price action might lend some support amid holiday-thinned liquidity conditions.

Hence, it will be prudent to wait for some strong follow-through selling, possibly below the 1.2900 handle, before traders start positioning for any further intraday pullback.

Technical levels to watch

GBP/USD

Overview
Today last price	1.2916
Today Daily Change	0.0010
Today Daily Change %	0.08
Today daily open	1.2906

Trends
Daily SMA20	1.2883
Daily SMA50	1.2701
Daily SMA100	1.2489
Daily SMA200	1.2702

Levels
Previous Daily High	1.2916
Previous Daily Low	1.2827
Previous Weekly High	1.2986
Previous Weekly Low	1.2821
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2882
Daily Fibonacci 61.8%	1.2861
Daily Pivot Point S1	1.285
Daily Pivot Point S2	1.2794
Daily Pivot Point S3	1.2761
Daily Pivot Point R1	1.2939
Daily Pivot Point R2	1.2972
Daily Pivot Point R3	1.3028

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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