- GBP/USD recovers after quick slide supported by a weaker greenback.
- Pair back into positive territory after Brexit headlines.
The GBP/USD continues to recover after the slide that took place earlier today on reports that UK PM May will reject EU Barnier’s offer for the Irish border. Cable bottomed at 1.3096 and during the US session rose back above 1.3150.
“Despite this morning’s sharp drop in the British Pound on news of the continuing Brexit disagreement over the Irish border, the pound remains on the ascendant against the dollar and the euro“, said Joseph Trevisani, FXStreet Senior Analyst. Cable rose back to the 1.3150 area after all the Brexit headlines and continues its way to the highest weekly close since July.
Recently it climbed to 1.3169 on the back of weaker US dollar across the board. It was trading at 1.3150/60, marginally higher for the day and far from the lows. The greenback was lower despite higher US yields. The 10-year hit 3.09%, a new 4-month high before pulling back modestly. Equity prices in Wall Street were moving to the upside, with the Dow Jones up 0.75%.
GBP/USD Levels to watch
The pair continues to be unable to move away from the 1.3150. Today it is headed toward the third daily close in a row around that area. In the short-term, support levels might be located at 1.3115/20 (US session low), 1.3095 (daily low) and 1.3070. On the upside, resistance could be seen at 1.1375, 1.3195/00 and 1.3212 (daily high).
Share
