Sterling heads into Friday on notably weaker footing. The upcoming US NFP report will easily overshadow today’s UK Services PMI. The GBP/USD is trading into 1.3020 just ahead of Friday’s London market session, after seeing declines on Thursday from above the 1.3100 level after the Bank of England (BoE) delivered a widely-expected 25 bps rate hike, but warned that interest rate hikes are likely to remain subdued for several years to come, causing markets to lose what little confidence in the GBP had been built up into the Sterling in the run-up to the BoE’s rate call. Brexit concerns remain a constant drain on the Sterling, and negotiations are set to resume in several weeks with UK Prime Minister Theresa May at the helm after the UK’s Brexit minister resigned in protest over PM May’s latest Brexit proposal, which hard-line Brexiteers said gave up too much sovereignty to Europe, while European leaders also flatly rejected the proposal, leaving the UK back on square one in trying to secure a workable trade deal with the European Union before the official Brexit deadline of March 2019. GBP/USD Technical Analysis 1.3000 remains the final barrier between GBP short-sellers and new lows for 2018, and a positive showing for the US NFP could see the US Dollar take a step up against the Pound. Bullish momentum remains limited, and the GBP/USD is already steeply off of the week’s highs near 1.3150. GBP/USD Chart, 15-Minute Spot rate: 1.3012 Relative change: Negligible High: 1.3022 Low: 1.3005 Trend: Bearish Support 1: 1.3005 (current week low) Support 2: 1.2956 (2018 low) Support 3: 1.2900 (major technical level) Resistance 1: 1.3084 (38.2% Fibo retracement level) Resistance 2: 1.3172 (current week high) Resistance 3: 1.3212 (previous week high) 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 EUR/USD under pressure below 1.1600, NFP eyed FX Street 5 years Sterling heads into Friday on notably weaker footing. The upcoming US NFP report will easily overshadow today's UK Services PMI. The GBP/USD is trading into 1.3020 just ahead of Friday's London market session, after seeing declines on Thursday from above the 1.3100 level after the Bank of England (BoE) delivered a widely-expected 25 bps rate hike, but warned that interest rate hikes are likely to remain subdued for several years to come, causing markets to lose what little confidence in the GBP had been built up into the Sterling in the run-up to the BoE's rate call. Brexit concerns remain… 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.
