GBP/USD trying to vault over 1.31 ahead of UK GDP figures, US consumption expenditure for Friday

The Sterling is looking for a late kick to end a bearish week.
UK GDP figures due today are a mid-tier affair, and risk appetite will still be the main driver for Friday.

Joshua Gibson FXStreet

The GBP/USD is trying to clear some ground above the 1.3100 key level ahead of Friday's European market session.

This week has seen the Sterling shuffle steadily lower against the Greenback as Brexit concerns continue to weigh on investor sentiment in the UK. The Bank of England (BoE) also released their latest Financial Stability Report (FSR) this week, and the FSR's focus on potential Brexit concerns kept the GBP on the bearish side.

Friday brings GDP figures for the UK, dropping at 08:30 GMT, and the y/y GDP for the first quarter is expected to hold steady at 1.2%. Mortgage Approvals will also be dropping at the same time, forecast at 62.2 thousand, with the previous reading sitting at 62.45 thousand.

The upcoming US session also brings the US Consumption Expenditure price index, due at 12:30 GMT and expected to tick up slightly from 1.8% to 1.9%. The Greenback has been grinding steadily higher this week across the broader market, and a positive showing for consumption spending will help push the USD into a higher level to cap off the week, which could see the GBP/USD falling into yet another fresh low for 2018.

GBP/USD levels to watch

As noted by FXStreet's own Valeria Bednarik on the Sterling's technical outlook, "the 4 hours chart for the pair shows that it's developing well below a bearish 20 SMA, while technical indicators hold within oversold readings, the Momentum recovering modestly and the RSI consolidating around 26, favoring additional declines ahead on a break below the mentioned yearly low."

Support levels: 1.3050 1.3010 1.2970

Resistance levels: 1.3105 1.3140 1.3185

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.

GBP/USD clings to 1.3500 amid marginal losses

GBP/USD alternates gains with losses around the 1.3500 neighbourhood on Tuesday. Indeed, Cable struggles to further extend its incipient recovery in a context of continuous instability in the Middle East and modest gains in the Greenback.

EUR/USD alternates gains with losses near 1.1540

EUR/USD navigates a tight range near 1.1550 in the latter part of Tuesday’s NA session. The US Dollar’s vacillating price action accompanies the pair while market participants gear up for the crucial US inflation data due on Wednesday.

Gold trades with positive bias below $4,400; Fed hike bets cap gains ahead of US CPI

Gold attracts some dip-buyers during the Asian session on Wednesday, stalling the previous day's retracement slide from the $4,435 region, or the highest level since June 5. The commodity, however, remains below the $4,400 mark as traders await key US inflation figures for fresh cues about the US Federal Reserve's future policy path before placing fresh directional bets on the non-yielding yellow metal.

Can EIP-8363 save Ethereum's ultrasound money thesis, or is the damage already done?

Over the past two years, Ethereum has faced one of its biggest challenges — its circulating supply has been in an uptrend, a direct stab at its ultrasound money thesis.

911 million shares freed: Why SpaceX rallied into its own supply

The most heavily trailed supply event of the year landed on August 6, and the SpaceX (SPCX) stock went up. Roughly 911.5 million shares held by insiders and early backers became eligible to trade, around 43% more than the entire float sold at the listing, and the freely tradable portion of the company jumped from under 5% of shares outstanding to nearly 12% in a single session.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.