GBP/USD seems to have stabilized below 1.3400 handle

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.

Haresh Menghani FXStreet

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.

With the UK political development turning out to be an exclusive driver of the sentiment surrounding the British Pound, the US dollar price dynamics did little to influence the pair's momentum.

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

GBP/USD

Overview
Today last price	1.3389
Today Daily Change	0.0218
Today Daily Change %	1.66
Today daily open	1.3171

Trends
Daily SMA20	1.3002
Daily SMA50	1.2857
Daily SMA100	1.2555
Daily SMA200	1.2698

Levels
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

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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