- 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.
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD rises to two-day high ahead of Aussie CPI
The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table. The AUD/USD trades at 0.6488 as Wednesday’s Asian session begins.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold price cautious despite weaker US Dollar and falling US yields
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade
An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data. The Australian Bureau of Statistics will release two different inflation gauges on Wednesday.