GBP/USD technical analysis: Pound gets rewarded by a 50-pip boost ahead of UK PM May’s statement

GBP/USD is having a 50-pip boost to the daily high, however, buyers will need to reclaim 1.2760 and 1.2800 to have a more convincing bottom.
Brexit drama could be the main driver behind the recent jump in the New York session. UK PM May will announce a new Brexit deal at 15:00 GMT.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is finding some relief from after the intense selling of the last weeks. The main supports to the downside are at 1.2700 figure, 1.2670 swing low and 1.2550 level.

GBP/USD 4-hour chart

GBP/USD is currently having a boost to the upside from the 1.2700 figure.

GBP/USD 30-minute chart

GBP/USD is consolidating its losses above the 1.2700 figure. Cable is trading below its 200 SMA while above the 50 and 100 SMA. Bulls would need to trade above 1.2760 Monday high - to get out of the woods and create a more convincing reversal. Further up the next resistance is seen at 1.2800 figure. Supports are at 1.2700 and 1.2670 levels.

Additional key levels

GBP/USD

Overview
Today last price	1.2737
Today Daily Change	0.0012
Today Daily Change %	0.09
Today daily open	1.2725

Trends
Daily SMA20	1.2951
Daily SMA50	1.3053
Daily SMA100	1.3017
Daily SMA200	1.2958

Levels
Previous Daily High	1.2759
Previous Daily Low	1.2715
Previous Weekly High	1.3042
Previous Weekly Low	1.2711
Previous Monthly High	1.3196
Previous Monthly Low	1.2865
Daily Fibonacci 38.2%	1.2732
Daily Fibonacci 61.8%	1.2742
Daily Pivot Point S1	1.2707
Daily Pivot Point S2	1.2689
Daily Pivot Point S3	1.2663
Daily Pivot Point R1	1.2751
Daily Pivot Point R2	1.2777
Daily Pivot Point R3	1.2795

Author

Flavio Tosti

Independent Analyst

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.