GBP/USD spikes to 1-1/2 week tops, 1.32 mark back on sight

Haresh Menghani FXStreet

• Gains some positive momentum on Brexit headlines.
• Follow through up-move needed for additional gains.
• NIESR's update on the UK's GDP outlook eyed.

The GBP/USD pair caught some strong bid over the past hour and jumped to 1-1/2 week tops, closer to the 1.3200 handle.

The pair initially struggled to gain traction despite stronger UK manufacturing/industrial production data and held within its three-day old trading range. However, the latest comments from the EU's chief Brexit negotiator, Michel Barnier, and his UK counterpart, David Davis, seems to have eased concerns over a possible hard Brexit scenario and provided some positive momentum to the British Pound.

Moreover, possibilities of some short-term trading stops being triggered on a decisive move beyond the 1.3170 region might have also collaborated to the pair's sharp spike over the past hour or so. Hence, it would be prudent to wait for a follow-through momentum to see if the up-move is backed by any genuine buying interest or is only a stop run.

Meanwhile, a softer tone around the US Dollar, amid the disappointment from the long-awaited tax legislation, remained supportive of the pair's uptick on the last trading day of the week.

Traders now look forward to the NIESR's update on the UK's GDP outlook for some impetus. This followed by the Prelim UoM Consumer Sentiment Index from the US would determine the pair's momentum through the NY trading session.

Technical levels to watch

Momentum beyond the 1.3200 handle could get extended towards the 1.3225-30 heavy supply zone ahead of 50-day SMA hurdle near mid-1.3200s. On the downside, retracement back below 1.3150 level could drag the pair towards 1.3110 support area en-route 1.3085 strong support.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD slumps below 1.1800 on hawkish Fed Minutes, eyes on ECB succession

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar strengthens against the Euro on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated.

GBP/USD extends decline as weak jobs data bolsters BoE rate cut bets

The Pound Sterling continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

Gold consolidates the rebound below $5,000, US data eyed

Gold price consolidates the previous rebound below $5,000 in the Asian session on Thursday. The precious metal recovered on Wednesday amid shifts in geopolitical sentiment, boosting safe-haven demand. Traders will keep an eye on the release of US Initial Jobless Claims, Pending Home Sales data, and the Fedspeak later on Thursday.

Bitcoin approaches a critical zone: Bear pennant projects $56,000

Based on the most recent analyses from February 2026, the short answer is that it is highly unlikely that Bitcoin will reach $100,000 this month.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.