GBP/USD testing offers near 1.2670 again amid weaker USD
- Looks to take-out stiff resistance near 1.2670/75, as the US dollar remains on the back foot.
- But upside appears limited by Brexit uncertainties and
The GBP/USD pair is trying hard to take on its steady recovery mode from near 1.2640 lows beyond the 1.2670/75 supply zone, as the sellers continue to lurk amid ongoing chaos around the Brexit deal.
According to The Independent (a UK newspaper), the UK Labour Party Leader, Jeremy Corbyn, has challenged PM Theresa May to cut short the Christmas recess and recall parliament early in the new year in order to bring forward a critical vote on the Brexit deal.
Meanwhile, The Insitute of Directors (IoD) warned on Thursday that the UK business leaders' confidence has sunk to 18-month lows as Brexit approaches and little progress remains seen.
However, the spot manages to derive some comfort from broad-based US dollar weakness and a better risk environment amid a rebound in oil, stocks and Treasury yields. The greenback remains on the back foot, in the wake of the partial US government shutdown and a dip in the US consumer confidence.
Markets now await the release of the UK second-liner November BBA Mortgage Approvals and US housing data for fresh near-term trading opportunities, as volumes thin out heading into the New Year.
GBP/USD Technical Levels
Today Last Price: 1.2664
Today Daily change: 10 pips
Today Daily change %: 0.0790%
Today Daily Open: 1.2654
Previous Daily SMA20: 1.2663
Previous Daily SMA50: 1.28
Previous Daily SMA100: 1.29
Previous Daily SMA200: 1.3199
Previous Daily High: 1.2676
Previous Daily Low: 1.2616
Previous Weekly High: 1.2708
Previous Weekly Low: 1.2574
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2653
Previous Daily Fibonacci 61.8%: 1.2639
Previous Daily Pivot Point S1: 1.2622
Previous Daily Pivot Point S2: 1.2589
Previous Daily Pivot Point S3: 1.2562
Previous Daily Pivot Point R1: 1.2681
Previous Daily Pivot Point R2: 1.2708
Previous Daily Pivot Point R3: 1.274