Advertisement
Advertisement
Advertisement
24option
BREAKING NEWS : $500 - $5000 No Deposit Bonus Hurry up, Join Now!
Written by experienced traders and professional market analysts, our Forex technical analysis is just what you need to get an edge in your Forex trading
Advertisement FXTM

GBP/USD struggles near two-week lows, just above 1.2800 handle

Written by By Haresh Menghani | 2019-11-08 07:46:00 GMT
  • Thursday’s BoE MPC vote split continued weighing on the British Pound.
  • A subdued USD demand helped limit any further losses, at least for now.

The GBP/USD pair nursed the previous session's post-BoE losses to two-week lows, with bears still awaiting a sustained break below the 1.2800 round figure mark.
 
The pair added to its recent losses and witnessed some follow-through selling on Thursday in reaction to the BoE MPC's 7-2 vote split to keep interest rates unchanged at 0.75%. The outcome suggested that the BoE is poised to change its stance on monetary policy and kept exerting some pressure on the British Pound.

Downside remains limited

On the other hand, the US Dollar failed to capitalize on the overnight strong positive move to near one-month tops and was being weighed down by a modest pullback in the US Treasury bond yields amid conflicting trade-related headlines, which seemed to be the only factor that helped limit deeper losses for the major.
 
Officials on Thursday that China and the United States have agreed to roll back tariffs on each others' goods in a "phase one" trade deal if it is completed. However, reports suggested that the subject of rolling back tariffs faced fierce internal opposition in the White House and raised some scepticism about a trade deal.
 
Hence, it will be prudent to wait for some strong follow-through selling below the 1.2800-1.2790 region before traders start positioning for any further near-term depreciating move towards challenging the 1.2700 round-figure mark amid absent relevant market moving economic releases from the UK.
 
Later during the early North-American session, the US economic docket – highlighting the preliminary release of the Michigan Consumer Sentiment Index for November – will be looked upon for some short-term trading opportunities on the last day of the week.

Technical levels to watch

GBP/USD

Overview
Today last price 1.281
Today Daily Change -0.0005
Today Daily Change % -0.04
Today daily open 1.2815
 
Trends
Daily SMA20 1.2855
Daily SMA50 1.2543
Daily SMA100 1.2452
Daily SMA200 1.2707
 
Levels
Previous Daily High 1.2878
Previous Daily Low 1.2794
Previous Weekly High 1.2976
Previous Weekly Low 1.2804
Previous Monthly High 1.3013
Previous Monthly Low 1.2194
Daily Fibonacci 38.2% 1.2826
Daily Fibonacci 61.8% 1.2846
Daily Pivot Point S1 1.278
Daily Pivot Point S2 1.2745
Daily Pivot Point S3 1.2696
Daily Pivot Point R1 1.2864
Daily Pivot Point R2 1.2913
Daily Pivot Point R3 1.2948

 

 

Author

By Haresh Menghani
XM

Start Trading With Top Industry Brokers

Broker Profile Open Account
Capital Index
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : FCA (UK), ASIC, SCB
  • HotForex
    XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    Tickmill
  • Offer: 30USD No Deposit Bonus
  • Minimum Deposit: 25 USD
  • Leverage of up to 1:500
  • Broker Type : ECN/STP & STP
  • Regulation : FSA SD008
  • Tickmill

    The Best Crypto to Crypto

    Exchanger Advantages Open Account
    binance
  • Safety Stability: Multi-tier & multi-cluster system architecture
  • Binance charges a quite low commission fee
  • Multiple-Coin Support : BTC, ETH, LTC, BNB...
  • High Liquidity
  • Multiple-Language Support
  • binance
    changelly
  • Instant cryptocurrency exchange
  • More than 500,000 satisfied users
  • Changelly charges a quite low commission fee
  • Safety Stability
  • changelly
    bitmex
  • Bitmex - Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform.
  • Bitmex charges a quite low commission fee
  • Safety Stability
  • changelly

    Best Brokers to Trade Crypto

    Broker Profile Open Account
    Capital Index
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : FCA (UK), ASIC, SCB
  • HotForex
    XM
  • Offer: 30 USD No Deposit Bonus - 50% Deposit Bonus
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    FBS
  • Offer: 50USD No Deposit Bonus
  • Offer: 100% Deposit Bonus
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CRFIN (Russia), 009069697 IFSC (Belize), IFSC/60/230/TS/12
  • FBS

    Contact us
    fxvnpro@gmail.com