GBP/USD: Strong near-term recovery towards the March high at 1.3201 – Commerzbank
Key quotes: "GBP/USD has seen a pretty strong rebound from the 20-day ma and this has effectively neutralised the near-term outlook. It is immediately bid above the near-term uptrend at 1.2881."
"The move above 1.3085 implies that the market is capable of retesting the 1.3201 March high and the recent high at 1.3483. In this vicinity is the 1.3468 multi-year downtrend and if seen we would allow this to again hold." Read more...
GBP/USD slides below 1.3100 mark, fresh session lows
The intraday USD buying interest picked up pace in the last hour and dragged the GBP/USD pair back below the 1.3100 mark, or fresh daily lows.
The pair witnessed some selling during the early European session on Thursday and eroded a part of the previous day's strong positive move of over 240 pips to six-week tops. A weaker tone around the equity markets helped revive demand for the safe-haven US dollar, which, in turn, was seen as a key factor that prompted some selling around the GBP/USD pair. Read more...
GBP/USD: Three reasons to consider a downside correction
GBP/USD soared on Wednesday amid the resumption of the Brexit negotiations officially and hopes of a potential deal by mid-November. However, Yohay Elam, an Analyst at FXStreet, explains three reasons why the cable may be headed lower after the Brexit breakout.
Key quotes: "Agreeing to intensify talks does not mean reaching common ground on the thorny issues. London and Brussels are at odds over state aid. This significant topic is competing with a minor, yet politically charged one – fisheries. Moreover, Britain and the bloc are still at loggerheads over the previous accord. Johnson's Internal Markets Bill knowingly violates the Brexit Withdrawal Agreement and the EU took legal action against it. Overall, the enthusiasm from new talks may fade swiftly." Read More...
|Today last price||1.3109|
|Today Daily Change||-0.0041|
|Today Daily Change %||-0.31|
|Today daily open||1.315|
|Previous Daily High||1.3177|
|Previous Daily Low||1.294|
|Previous Weekly High||1.3083|
|Previous Weekly Low||1.2863|
|Previous Monthly High||1.3482|
|Previous Monthly Low||1.2676|
|Daily Fibonacci 38.2%||1.3086|
|Daily Fibonacci 61.8%||1.303|
|Daily Pivot Point S1||1.3001|
|Daily Pivot Point S2||1.2851|
|Daily Pivot Point S3||1.2763|
|Daily Pivot Point R1||1.3238|
|Daily Pivot Point R2||1.3326|
|Daily Pivot Point R3||1.3475|
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.