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GBP/USD fell nearly 300 pips so far this week. Yesterday's Brexit headlines and today's (leaked?) weaker than expected CPI inflation figures for June were among the drivers on the GBP side of equation. Couple that with stronger USD since Fed Powell's testimony. 1.30 is the immediate support ahead of 50% retracement of the 2016 - 2018 upswing near 1.2930.
al_dcdemo's Blog
GBP/USD supported since Friday afternoon
U.S. dollar continues the sentiment from Friday afternoon, trading weaker today. GBP/USD sold off that day and then reversed just as strongly. The pair is contained in a three-cent range, between 1.3050 - 1.3350. Direction of the breakout will depend on this week's U.K. economic data that may either soldify or weaken the case for BOE rate hike in August.
GBP/USD sells off with U.K. government in disarray
U.K. PM May's "third way" Brexit plan, which looked good on Friday, led to a series of resignations on Monday, including Brexit minister David Davis and foreign minister Boris Johnson. May said that "Brexit means Brexit" does really mean Brexit, but not everyone seems to share the same opinion. GBP/USD lost about 180 pips before bouncing, but weaker Manufacturing Production data, released today, doesn't help it.
GBP/USD closes strongly as politicians agree on Brexit
Late on Friday, U.K. politicians appear to have reached some kind of an agreement on their Brexit stance. GBP/USD greeted that with a 20-pip jump, we'll see if we get any follow-through on Monday. 1.3315 is the initial resistance, expect some short-covering above that. 1.3150 - 1.32 area should now hold, if bulls are to remain in control.
GBP/USD retraces to 1.315, Manufacturing PMI beats
The dollar reclaimed a good part of the ground it lost on Friday. GBP/USD retraced about 70 pips before finding some support near 1.3150. U.K. Manufacturing PMI for June came in slightly better than expected but the pair is not racing anywhere. Some further backing and filling is possible before U.S. traders show what they got.
GBP/USD spikes lower after weak data
Much weaker than expected economic data, most notably Manufacturing Production, sent GBP/USD 50 pips to the lower part of the three-day range. The pair encountered a firm resistance in 1.345 - 1.35 area (includes 23.4% fib of April - May decline). 1.33 - 1.335 is the initial support.
GBP/USD higher on weak dollar and strong services
U.S. dollar is being sold again after DXY touched 95 last week. Trump's trade wars not helping the buck either. U.K. Services PMI came in better than expected yesterday and that helped to send GBP/USD above 1.34. 1.35 is the next target, while 1.33 - 1.335 support area holds.
GBP/USD still deciding where to go next
U.S. dollar started the week on the back foot. GBP/USD closed last week right on the 200 DMA but moved north of it in early hours today. 1.36 - 1.3630 is the area where it gets interesting though. A move above that should see at least some short-covering. On the flipside, a sustained move below the mentioned average and then 1.35 will be needed for the bears to maintain control.
BOE proceeds with caution, pound sells off
Bank of England left the official bank rate unchanged. Market had expected a hawkish hold, ideally a green light for a hike in August. That wasn't to be, instead they said the timing of the next hike depends on incoming economic data. GBP/USD adjusted lower but bounced back after U.S. CPI missed estimate prompted some profit taking on long dollar positions. 200 DMA near 1.355 is the bull/bear line in sand.
GBP/USD pauses ahead of 200 DMA and 1.35
GBP/USD fell more than 800 pips in three weeks, as U.S. dollar turns positive on the year. Weak economic data, dovish BOE and recent political developments are among the drivers on the U.K.'s side of equation. The pair is taking a pause ahead of the 200 DMA and 1.35 figure as we await on U.S. labour market report for April. Momentum suggests further losses but a potentially sharp correction is to be expected at some point.