GBP/USD turns positive around 1.2200

Pablo Piovano FXStreet

The British pound has now reverted the earlier pullback and is now pushing GBP/USD to return to the 1.2200 neighbourhood.

GBP/USD firmer on USD-selling

The pair is advancing for the second straight session so far today, as the strong rally in the greenback seems to have run of legs today.

Despite the sentiment around GBP remains fragile, recent comments by PM Theresa May have mitigated concerns over the likeliness of the so-called ‘hard Brexit’ scenario, helping spot to rebound from recent lows in the 1.2080 region.

On the US data front, Initial Claims have bettered estimates at 246K WoW, taking the 4-Week Average down to 249.25K from 252.75K. Still in the US, Export Prices rose 0.3% MoM in September and Import Prices rose 0.1% MoM.

Looking to Friday’s docket in the UK, the BoE will host Future Forum 2016, where Governor M.Carney is due to speak along with B.Broadbent, J.Cunliffe, M.Shafik and other members. In addition, MPC K.Forbes will be a panellist at the National Bank of Poland 6^th Annual Conference in Warsaw.

GBP/USD levels to consider

As of writing the pair is up 0.03% at 1.2198 facing the next resistance at 1.2761 (high pre-‘flash crash’ Oct.7) followed by 1.2765 (20-day sma) and then 1.2886 (near term resistance line). On the other hand, a break below 1.2086 (low Oct.11) would expose 1.1450 (low post-‘flash crash’ Oct.7).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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