GBP/USD remains well supported above 1.3600 as sterling shrugs off Westminister noise about potential PM replacement

GBP/USD has been choppy on Thursday with the US dollar seeing a mixed reaction to weaker than expected initial jobless claims and housing data, though the pair has for the most part remained well supported to the north of the 1.3600 level. At current levels in the 1.3620s, cable looks on course to post an on-the-day gain of about 0.1% or roughly 20 pips. Sterling continues to shrug off Westminster noise surrounding the potential ousting of Boris Johnson from his position as UK PM. Analysts note that his potential replacements, such as UK Chancellor Rishi Sunak (who is the front-runner to replace him), would be unlikely to mark a significant shift in economic policy. Read more...

GBP/USD

Overview
Today last price 1.3597
Today Daily Change -0.0022
Today Daily Change % -0.16
Today daily open 1.3619
 
Trends
Daily SMA20 1.3553
Daily SMA50 1.3412
Daily SMA100 1.3549
Daily SMA200 1.3735
 
Levels
Previous Daily High 1.3649
Previous Daily Low 1.3588
Previous Weekly High 1.3749
Previous Weekly Low 1.3532
Previous Monthly High 1.355
Previous Monthly Low 1.3161
Daily Fibonacci 38.2% 1.3625
Daily Fibonacci 61.8% 1.3611
Daily Pivot Point S1 1.3588
Daily Pivot Point S2 1.3558
Daily Pivot Point S3 1.3527
Daily Pivot Point R1 1.3649
Daily Pivot Point R2 1.3679
Daily Pivot Point R3 1.371

 

GBP/USD Forecast: Sellers wait for 1.3600 support to fail

GBP/USD has managed to stage a technical correction after pushing lower earlier in the week and seems to have gone into a consolidation phase above 1.3600. The near-term technical outlook doesn't yet point to a buildup of bullish momentum and the pair could come under renewed selling pressure if buyers fail to defend 1.3600. The British pound struggled to capitalize on the hot inflation data from the UK on Wednesday but gained traction ahead of the American session as retreating US Treasury bond yields caused the greenback to lose interest. This action confirms the view that the dollar's valuation remains the primary driver of the pair. Read more...

GBP/USD Analysis: Bulls seem non-committed amid UK leadership crisis

The GBP/USD pair regained positive traction on Wednesday and stalled a three-day-old corrective slide from the very important 200-day SMA. The British pound was boosted by hotter-than-expected UK CPI, which accelerated to a 5.4% YoY rate in December or the highest level in nearly 30 years. The data reaffirmed bets for additional rate hikes by the Bank of England, which, along with the announcement to lift COVID-19 restrictions in the UK, acted as a tailwind for sterling. In fact, UK Prime Minister Boris Johnson told parliament that measures imposed to fight the surge in Omicron cases would be lifted next week, citing data that showed infections had peaked. Read more...

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds above 1.0700 after US inflation data

EUR/USD holds above 1.0700 after US inflation data

EUR/USD stays in the lower half of its daily range but continues to trade above 1.0700 in the early American session on Friday. The data from the US showed that the annual Core PCE Price Index declined to 4.9% in April as expected, making it difficult for the dollar to gather strength.

EUR/USD News

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD clings to daily gains above 1.2600 and remains on track to end the week in positive territory. The greenback struggles to attract investors after the data from the US showed that PCE inflation softened in April. 

GBP/USD News

Gold pulls away from daily highs, holds above $1,850

Gold pulls away from daily highs, holds above $1,850

Gold has lost its traction in the second half of the day on Friday and declined toward the $1,850 area. The benchmark 10-year US Treasury bond yield staged a modest rebound on the US PCE inflation data, not allowing XAU/USD to preserve its bullish momentum.

Gold News

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA fork proposal has passed with 65.5% votes, Revival Plan 2 in action without algorithmic stablecoin UST. LUNA price could wipe out losses incurred by holders in the colossal crash of LUNC and UST. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures