GBP/USD staged a goodish intraday recovery from the 200-DMA support. The uptick got an additional boost from positive Brexit-related headlines. The UK PM Johnson announced new restrictions to curb virus outbreak. The GBP/USD pair jumped back above mid-1.2800s during the mid-European session, albeit lacked any strong follow-through buying and quickly retreated over 50 pips from daily tops. The pair witnessed some aggressive short-covering move from the vicinity of the 1.2700 mark – nearing the very important 200-day SMA – after the BoE Governor Andrew Bailey downplayed expectations of negative interest rates. The strong intraday recovery movement got an additional boost from positive Brexit-related headlines. EU source reportedly said that Brexit talks have been going a bit better than expected and that there is a ‘window of opportunity’. Separately, Ireland’s foreign minister, Simon Coveney was noted saying that there is a growing sense that perhaps Britain doesn’t want a Brexit deal and the UK government tactic is making complex talks even more difficult. Meanwhile, the UK PM spokesman confirmed the EU Chief Brexit Negotiator Michel Barnier’s visit tomorrow for informal talks. The spokesman further stressed that the UK will continue to work hard on securing a Brexit deal. Nevertheless, the GBP/USD pair moved into the positive territory and shot an intraday high level of 1.2867. The uptick was further supported by a softer tone surrounding the US dollar amid a modest recovery in the US equity markets. In the latest developments surrounding the coronavirus saga, the UK Prime Minister Boris Johnson announces new restrictions for England. The GBP/USD pair witnessed a modest pullback and was last seen hovering in the neutral territory, around the 1.2810-1.2800 region. It will now be interesting to see if the pair is able to capitalize on the move or the attempted recovery meets with some fresh supply at higher levels. This makes it prudent to wait for some strong follow-through buying before placing fresh bullish bets. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB’s Panetta: Appreciation of euro is one factor that we need to watch closely FX Street 2 years GBP/USD staged a goodish intraday recovery from the 200-DMA support. The uptick got an additional boost from positive Brexit-related headlines. The UK PM Johnson announced new restrictions to curb virus outbreak. The GBP/USD pair jumped back above mid-1.2800s during the mid-European session, albeit lacked any strong follow-through buying and quickly retreated over 50 pips from daily tops. The pair witnessed some aggressive short-covering move from the vicinity of the 1.2700 mark – nearing the very important 200-day SMA – after the BoE Governor Andrew Bailey downplayed expectations of negative interest rates. The strong intraday recovery movement got an additional boost from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.