GBP/USD retreats from 6-day highs and erases gains

US dollar recovers ground amid higher US yields and US data.
Pound drops amid demands from the pro-Brexit wing of the Conservative Party.
GBP/USD erases daily gains, still remains above 1.3200.

Matías Salord FXStreet

The GBP/USD pair peaked earlier today at 1.3291, the highest level since last Tuesday. During the last hours pulled back amid a recovery of the US dollar and also amid a decline of the pound and dropped to 1.3223, slightly above Asian session lows.

The greenback gained momentum after US retail sales and also amid higher US bond yields. The US Dollar moved off daily lows but it was still mostly lower across the board. US President Trump and Russian President Putin ended its 2-hour meeting.

In the UK, Theresa May is facing new demands from pro-Brexit Tories regarding the White Paper presented last week. If the conflict escalates it could put May’s position as PM at risk. The debate at Parliament continues. Regarding data, on Tuesday, UK employment data is due.

Technical levels

The GBP/USD pair is testing daily lows near the 1.3220 area that is the immediate support. Below the negative tone could increase. Potential support levels are 1.3180 and 1.3145. On the upside, 1.3260 is again a resistance level followed by 1.3290.

A daily close above 1.3300 could signal more gains ahead while on the flip side, below 1.3200 could point to a test of 1.3100.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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