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GBP/USD regains 1.2650 post-UK data

  • Resurgent USD demand combined with mixed UK data keeps the Cable in the lower bound of today’s trading range.  
  • Attention turns towards US macro releases for near-term trading opportunities.

GBP/USD continues to witness volatile moves so far this Friday, mainly driven by the US dollar dynamics while the mixed UK GDP and current account numbers offered little impetus to the GBP markets.

In Europe, the spot jumped to daily highs of 1.2697, as the US dollar stalled its rebound and tumbled across the board following a renewed risk-aversion wave, reflected by a negative tone around the European equities.

However, the gains were quickly faded and the rates revisited daily lows at 1.2645 after the US Treasury Secretary Mnuchin’s comments offered a fresh lift to the greenback. Mnuchin said that the market reaction to the Fed outcome is “completely overblown”.

The pair is now seen wavering near 1.2660 region, as the bulls await the US GDP and durable goods data for the next push higher. Also, of note remains the core PCE price index and UoM consumer sentiment for further momentum on the prices.

GBP/USD Technical Levels

 

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