GBP/USD refreshes session tops, eyeing a move beyond 1.2900 mark
The GBP/USD pair refreshed daily tops during the early European session, with bulls making a fresh attempt to build on the momentum beyond the 1.2900 mark.
The pair managed to attract some dip-buying ahead of the 1.2800 round-figure mark and turned positive for the second consecutive session on Tuesday. The uptick was supported by a pickup in demand for the British pound and the prevalent selling bias around the US dollar.
Sentiment surrounding the sterling turned positive despite the passage of the UK government's controversial bill, designed to override parts of the Brexit Withdrawal Agreement (BWA) with the EU. MPs will now begin detailed scrutiny of the bill on Tuesday. Read Moor...
GBP/USD: Time for a fresh dive
The GBP/USD pair is trading near daily highs just below the 1.29 level, up 0.36% on the day, but Tuesday's 4-hour chart is pointing to further falls as the upswing looks like a corrective move, according to FXStreet's analyst Yohay Elam.
Key quotes: "The downtrend continues – with the latest upswing looking like a necessary correction before the next dive. The Relative Strength Index on the 4-hour chart has risen above 30, exiting oversold conditions and allowing for more falls. The 50 Simple Moving Average is extending its downfall after crossing below the 100 and 200 SMAs, and momentum remains negative." Read Moor...
GBP/USD to surge to 1.40 by September-2021 – UBS
Economists at UBS advise to hold their nerve on UK assets despite the heightened concerns over the final stages of the Brexit process as the political and economic incentives point to an agreement eventually being reached. This outlook supports UK assets.
Key quotes: "We are positive on the medium-term outlook for sterling, both against the US dollar and against the euro. In line with this view, we are not hedging sterling risk for UK assets held in international portfolios. By September of next year we expect sterling to rise to USD 1.40, against 1.29 at present." Read Moor...
|Today last price||1.2921|
|Today Daily Change||0.0074|
|Today Daily Change %||0.58|
|Today daily open||1.2847|
|Previous Daily High||1.2919|
|Previous Daily Low||1.2777|
|Previous Weekly High||1.3279|
|Previous Weekly Low||1.2763|
|Previous Monthly High||1.3396|
|Previous Monthly Low||1.2982|
|Daily Fibonacci 38.2%||1.2865|
|Daily Fibonacci 61.8%||1.2831|
|Daily Pivot Point S1||1.2776|
|Daily Pivot Point S2||1.2705|
|Daily Pivot Point S3||1.2634|
|Daily Pivot Point R1||1.2919|
|Daily Pivot Point R2||1.299|
|Daily Pivot Point R3||1.3061|
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.