GBP/USD: Upsurge testing major resistance

FXStreet Team FXStreet

The GBP/USD pair rallied around 125 pips intraday in reaction to the latest UK political developments and jumped to over one-week tops, around the 1.3070 region on Thursday. Haresh Menghani from FXStreet sees a fresh trigger for bullish traders.

Key quotes

“The cable now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band through the Asian session on Friday.”

“The overnight upsurge stalled near 50-day SMA hurdle. Some follow-through buying above the mentioned barrier might be seen as a fresh trigger for bullish traders and set the stage for a possible move beyond the 1.3100 round-figure mark, towards testing its next major hurdle near the 1.3145-50 region.”

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD pulls away from six-month peak, trades below 1.3650

GBP/USD loses its traction and trades below 1.3650 after touching its highest level since February above 1.3670 on the back of upbeat UK PMI data. Meanwhile, the US Dollar (USD) struggles to stay resilient against its peers following the Treasury Department's decision to boost long-term bond purchases earlier in the week, helping the pair cling to small gains ahead of US PMI data.

EUR/USD retreats below 1.1700 ahead of US PMI data

EUR/USD corrects lower and trades below 1.1700 following the bullish action seen in the European session despite the mixed PMI prints from Germany and the Eurozone. Investors await preliminary August PMI surveys for the US, while the persistent USD weakness allows the pair to keep its footing.

Gold tests three-month highs near $4,600 as the US Dollar dives

Gold extends gains on Friday, with bulls aiming for a retest of the $4,600 resistance area, the top of the last six months' trading range. Precious metals are gaining momentum, favoured by a sharp US Dollar selloff, following the announcement of a US Treasury plan to boost liquidity to repurchase long-term securities.

Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows

The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.

S&P Global US PMIs expected to ease slightly in August, still showing solid growth

S&P Global will release the preliminary figures of August’s US Purchasing Managers' Indices (PMIs). For August, the market consensus anticipates a mild slowdown in economic activity, with the Manufacturing PMI ticking down to 53.8 from July’s 53.9 reading and the Services PMI easing to 54.0 from last month’s 54.6.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.