- GBP/USD trims a part of the early UK election results-led strong gains.
- Diminishing odds of a no-deal Brexit helped limit any meaningful slide.
- Traders now look forward to the US retail sales data for some impetus.
Having trimmed a part of its early euphoric gains, the GBP/USD pair now seems to have stabilized and was seen oscillating in a narrow trading band below the 1.3400 handle.
As investors looked past the UK election results, the British pound lost a bit of steam as investors preferred to take some profits off the table amid extremely overbought conditions on short-term charts.
The pair retreated around 125 pips from 19-month tops, levels beyond the key 1.3500 psychological mark, albeit the downside remained limited amid receding fears of a no-deal Brexit on January 31.
A crushing victory for the incumbent Conservative Party in the most important UK general election will allow Prime Minister Boris Johnson to lead Britain swiftly out of the European Union.
Moving ahead, market participants look forward to the US economic docket, highlighting the release of monthly retail sales data for some short-term impetus on the last trading day of the week.
Technical levels to watch
|Today last price||1.3389|
|Today Daily Change||0.0218|
|Today Daily Change %||1.66|
|Today daily open||1.3171|
|Previous Daily High||1.323|
|Previous Daily Low||1.3051|
|Previous Weekly High||1.3167|
|Previous Weekly Low||1.2896|
|Previous Monthly High||1.2986|
|Previous Monthly Low||1.2769|
|Daily Fibonacci 38.2%||1.3119|
|Daily Fibonacci 61.8%||1.3161|
|Daily Pivot Point S1||1.3071|
|Daily Pivot Point S2||1.2971|
|Daily Pivot Point S3||1.2892|
|Daily Pivot Point R1||1.325|
|Daily Pivot Point R2||1.333|
|Daily Pivot Point R3||1.343|
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