GBP/USD under pressure ahead of Super Saturday

  • GBP/USD is reporting losses at press time, having hit a five-month high on Thursday. 
  • Britain's parliament will vote on the new Brexit deal on Saturday. 
  • Prime Minister Johnson lacks the support of the Northern Irish Ally.

GBP/USD is flashing red at press time, possibly due to fears that Prime Minister Boris Johnson may fail to pass the new Brexit agreement in the UK parliament on Saturday.

The currency pair is currently trading near 1.2850, representing a 0.30% loss on the day, having hit a high of 1.2990 on Thursday. That was the highest level since May 13.

The Pound picked up a strong bid in the European session on Thursday on reports the UK and European Union (EU) have reached a Brexit withdrawal agreement.

The rise to five-month highs, however, was short-lived, as initial optimism faded on the realization that the deal could be rejected by the UK parliament.

Super Saturday

In an extraordinary Saturday sitting, the first since 1982, the parliament will vote on approving the new Brexit deal.

Getting the deal approved is going to be an uphill task for Prime Minister Johnson, as the Democratic Unionist Party – government's Northern Irish ally – has rejected the deal.

Further, Johnson's Conservatives have no majority in the 650-seat House of Commons and will face a deeply divided parliament where his opponents are trying to force both a delay to Brexit and another referendum, as per Reuters report.

Traders, therefore, may unwind GBP long positions ahead of Super Saturday, keeping the GBP/USD pair under pressure.

As per technical charts, the immediate bullish case would weaken below the 50-hour moving average support at 1.2821. This is because the key average consistently reversed pullbacks throughout the recent rally from 1.22 to 1.2990.

Technical levels


Today last price 1.2852
Today Daily Change -0.0038
Today Daily Change % -0.29
Today daily open 1.289
Daily SMA20 1.2442
Daily SMA50 1.2322
Daily SMA100 1.2418
Daily SMA200 1.2715
Previous Daily High 1.299
Previous Daily Low 1.2749
Previous Weekly High 1.2707
Previous Weekly Low 1.2194
Previous Monthly High 1.2583
Previous Monthly Low 1.1958
Daily Fibonacci 38.2% 1.2898
Daily Fibonacci 61.8% 1.2841
Daily Pivot Point S1 1.2763
Daily Pivot Point S2 1.2635
Daily Pivot Point S3 1.2521
Daily Pivot Point R1 1.3004
Daily Pivot Point R2 1.3118
Daily Pivot Point R3 1.3245



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.


GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.


Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News