GBP/USD: Will it conquer 1.30 handle on an uptick in UK wages?

Dhwani Mehta FXStreet

The bulls regain poise in mid-Asia, prompting a fresh buying-wave in the GBP/USD pair, in a bid to regain 1.2950 barrier amid persisting broad based US dollar weakness and risk-off market profile.

GBP/USD bounces-off 20-DMA at 1.2913

The major is trying to break higher from the overnight consolidative mode above 20-DMA support, finally taking advantage of ongoing weakness in the US dollar against its main competitors, in the wake of the political uncertainty surrounding the US President Trump.

Headlines hit the wires earlier on the day regarding the Comey memo being subpoenaed by the House Oversight Committee. Trump asked then-FBI Director James Comey to end a probe into Trump's former national security advisor Flynn.

Moreover, investors remain uncertain over the US President Trump’s ability to push through reforms and stimulus programs, as promised by him during his election campaigns.

Meanwhile, the pound also gains momentum as markets remain expectant of an increase in the hourly earnings data due to be reported alongside the employment report in the session ahead.

However, it remains to be seen if the spot can regain 1.2950 levels, as risk-off remains the underlying theme so far this session, which could weigh down on the risk-currency GBP.

GBP/USD Levels to consider

A break above 1.2940 (May 15 high) could lift the pair above1.2961 (May 9 high), beyond which a test of 1.2990 (7-week high) is imminent. Conversely, a break below 1.2872 (May 15 low), leading to a subsequent break below 1.2842/29 (May 12 & 4 low) is likely to drag the pair towards testing its next support near 1.2800 (key support).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD clings to multi-day peaks below 1.3500

GBP/USD trades with marked gains on Friday, now giving away some gains following an earlier surpass of the key 1.3500 yardstick. Indeed, Cable gathers fresh steam amid the strong offered stance in the Greenback, all after US NFP badly missed expectations in July.

EUR/USD: Post-NFP bounce falters around 1.1580

EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the US Dollar as investors continue to assess disheartening US NFP readings.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

XRP Price Forecast: XRP nears critical $1.00 support

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.

Is Gold about to enter its biggest bull run since 2020?

Gold has stormed back into the spotlight and its next move could leave late buyers chasing. On August 5, the yellow metal surged almost 7% – roughly $174 – to close near $4,308 an ounce, posting one of its biggest daily advances in recent history. A weaker U.S dollar, falling Treasury yields, changing Federal Reserve expectations and renewed safe-haven demand all struck at once.

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.