GBP/USD sees Brexit hopes rising as UK GDP rounds the corner

UK GDP figures to be the key for Pound traders on Monday.
New hopes for Brexit may get the chance to surface as the EU begins to thaw their frigid positions.

Joshua Gibson FXStreet

The GBP/USD is continuing to hold steady just above the 1.2900 level after the pair wound up middling near the technical handle through last week, and renewed hopes for a passable Brexit deal are about to face down Monday's GDP reading for the UK economy.

The EU's lead Brexit negotiator, Michel Barnier, could be getting a new mandate from European Union leaders in Brussels, and the move could show the EU is ready to begin meeting the UK in the middle on key issues amidst the deadlocked negotiation process, and UK Prime Minister Theresa May could get a much-needed break as the UK's PM continues to be stuck in a logjam between immobile EU negotiators and wild-eyed Brexiteers within her own ruling party.

Monday also sees another showing of the UK's GDP m/m indicator, with July's GDP reading slated for 08:30 GMT, and which is forecast to clock in at 0.3% versus the previous month's 0.1%, and bulls will be eager to see a positive reading.

GBP/USD levels to watch

The Sterling may see glimmers of hope for today, but the Pound-Dollar pairing remains firmly in the bearish camp, according to FXStreet's own Valeria Bednarik: "the pair has failed multiple times in its attempts to extend gains beyond the 1.3000 level in the last month but closed the week right above the key 1.2890 region, the 61.8% retracement of the 2016/18 rally. In the daily chart, a bullish 20 DMA converges with the mentioned Fibonacci support, reinforcing it, while technical indicators turned neutral, lacking directional strength around their midlines, signaling that buying interest remains limited. Shorter term, and according to the 4 hours chart, the risk skewed to the downside, as the price is barely holding above a mild bullish 20 SMA, while technical indicators turned sharply lower, now challenging their midlines."

Support levels: 1.2890 1.2845 1.2800

Resistance levels: 1.2945 1.2980 1.3010

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD gathers strength to near 1.1550 ahead of ECB rate decision

The EUR/USD pair trades in positive territory near 1.1540 during the early Asian trading hours on Thursday. Rising bets that the European Central Bank will deliver a rate hike at its June policy meeting later on Thursday underpin the Euro against the Greenback.

GBP/USD nudges higher above 1.3350 despite rising Fed hike bets

The GBP/USD pair gathers strength to around 1.3385 during the Asian trading hours on Thursday. However, the potential upside might be limited amid rising expectations for higher-for-longer US interest rates. Markets might turn cautious later in the day ahead of the US Producer Price Index report.

Gold holds below $4,100 after rebounding from seven-month lows

Gold clings to moderate gains in Asia on Thursday, following its rebound from the lowest level since November 2025 at $4,024. Renewed US-Iran hostilities push Crude Oil prices higher, reviving inflationary concerns and bolstering hawkish Fed bets. This continues to drive flows away from the non-yielding bullion, though subdued US Dollar demand helps spot prices to find some support.

Bitcoin faces further downside risk amid growing short-term holder losses, weak ETF demand

Bitcoin's recent decline toward the $60,000 level has pushed the market further into bearish territory, with new investors suffering huge unrealized losses, according to a Glassnode report on Wednesday. The firm noted that Bitcoin's earlier May rally now appears increasingly as a "bear bounce".

From sizzle to fizzle: Tech sinks as Oil puts the Fed tail back on the table

Wall Street was not hit by one punch. It was caught between three swinging doors at the same time: a renewed technology unwind, a fresh geopolitical oil bid, and a wave of equity supply that is starting to look less like capital formation and more like a liquidity test for the entire AI complex.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.