GBP/USD rises toward 1.2200, but lacks momentum

Ani Salama FXStreet

GBP/USD has risen toward the upper-side of today’s range but overall remains little changed on the day, with concerns over a hard Brexit keeping the upside limited.

Nevertheless, GBP/USD managed to recover from a daily low of 1.2135 and rose toward the 1.2190 zone during the American session, lacking follow through to challenge the 1.22 mark. At time of writing, GBP/USD is trading at 1.2185, just a few pips below its Friday’s close.

The dollar retreated across the board following a string of lackluster US data. Industrial production rose a seasonally adjusted 0.1% in September, matching expectations, after dropping 0.5% in August. Previously, the NY Empire State index has dropped to -6.8 for the month of October, well below the 1.0 of consensus.

GBP/USD levels to consider

In terms of technical levels, next supports could be faced at 1.2132 (Oct 13 low), 1.2104 (Oct 12 low) and 1.2088 (Oct 11 low). On the flip side, resistances are seen at 1.2271 (Oct 13 high), 1.2323 (Oct 12 high) and 1.2400 (psychological level).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

EUR/USD stays depressed near 1.1850 ahead of German ZEW

EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined ahead of the German ZEW sentiment survey.

GBP/USD drops below 1.3600 after weak UK jobs report

GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.

Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand

Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.