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GBP/USD analysis: 1.2500 now a line in the sand

Written by | 1970-01-01 00:00:00 GMT

GBP/USD Current Price: 1.2526

  • The BOE said the banking system remains strong, could deal with any Brexit possible outcome.
  • Demand for the greenback resumed after upbeat US June inflation.
  • GBP/USD advanced for a second consecutive day, could turn bearish below 1.2500.

The GBP/USD pair is retreating from a daily high of 1.2570, holding on to modest gains daily basis, up for a second consecutive day. The Sterling extended its gains despite BOE’s Governor Carney, who said that a no-deal Brexit would have immediate disruptive consequences on the economy, within the presentation of the Financial Stability Report. The BOE also noted that the UK’s banking system remains strong enough to "continue to lend through the wide range of UK economic and financial shocks that could be associated with Brexit." Demand for the greenback, however, returned during US trading hours after better-than-expected US inflation data partially offset speculation of multiple rate hikes coming in the US.  The UK won’t release relevant macroeconomic data this Friday.

GBP/USD short-term technical outlook

The GBP/USD pair is holding above the 1.2500 level, and more relevantly, above the 23.6% retracement of its latest daily slump. It earlier surpassed the 38.2% retracement of such slide, at 1.2550, but was unable to hold ground above it, a red light for those shorting the greenback. In the 4 hours chart, the 20 SMA stands directionless at around 1.2500, the Momentum aims higher within positive territory, while the RSI eased toward the current 49 level, indicating that the bearish potential is limited, as long as the pair holds above the mentioned 1.2500 figure.

Support levels: 1.2500 1.2475 1.2430  

Resistance levels: 1.2550 1.2595 1.2630

View Live Chart for the GBP/USD

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