GBP/USD rises to fresh 3-week highs as US Dollar tumbles on Trump’s tweets

  • US Dollar drops sharply across the board amid expectations of US President Trump announcement. 
  • Cable gains momentum and hits news highs for the current month. 

The GBP/USD pair moved quietly for hours, ignoring Powell and also the new Chinese tariffs of US products but recently it reacted to the big decline of the greenback. Cable is moving toward 1.2300, trading at 1.2276, the highest since late July.  

Trump moves markets 

The US Dollar was already weak against majors following new Chinese tariffs to US products and also from comments coming from Jackson Hole, that included Fed’s Powell. Now market participants are expecting a new announcement from US President Trump. He recently tweeted: “....My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?”. He criticized again the Fed and previous trade policy with China. Later added he will respond to China’s tariffs this afternoon. 

The DXY extended losses while at the same time Gold gained more than $30 from the lows. The GBP/USD pair holds a bullish tone, despite the decline in equity prices in Wall Street, supported by US Dollar weakness. 

Levels to watch 

On the upside, the next resistance is seen around 1.2290 followed by 1.2330 and 1.2380 (Jul 17 low). On the flip side, support levels might now be seen at 1.2240, 1.2190 (July 23 low) and 1.2110. Volatility is likely to remain elevated over the next hours until the close expecting Trump’s announcement and also following speeches from key central bankers in Jackson Hole. 


Today last price 1.2276
Today Daily Change 0.0023
Today Daily Change % 0.19
Today daily open 1.2253
Daily SMA20 1.2146
Daily SMA50 1.2399
Daily SMA100 1.2637
Daily SMA200 1.2783
Previous Daily High 1.2273
Previous Daily Low 1.2108
Previous Weekly High 1.2176
Previous Weekly Low 1.2015
Previous Monthly High 1.2706
Previous Monthly Low 1.2119
Daily Fibonacci 38.2% 1.221
Daily Fibonacci 61.8% 1.2171
Daily Pivot Point S1 1.215
Daily Pivot Point S2 1.2046
Daily Pivot Point S3 1.1984
Daily Pivot Point R1 1.2315
Daily Pivot Point R2 1.2377
Daily Pivot Point R3 1.248



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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD clings to 3.5-week’s high, trades above 1.1000 figure

The pair is challenging the 1.1047 resistance. EUR/USD bull recovery from 34-month lows remains intact. Further coronavirus headlines are awaited.


GBP/USD hits new 2020 low and bounces amid Brexit rhetoric, coronavirus headlines

GBP/USD is trading above 1.2800 after hitting a new 2020, nearing the 1.2700 figure, as concerns about a no-trade-deal Brexit are weighing on the pound. Modest recovery seen in USD during the American session keeps the bearish pressure intact.


XAU/USD tumbles near two-week’s lows, sub-$1600/oz

Gold has been dropping sharply this Friday while reaching the 200 SMA on the four-hour chart. XAU/USD bulls gave up as sellers took the market down sharply. The bears seem to be in charge and more down could potentially be expected. 

Gold News

WTI remains under pressure around $45.00

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info