GBP/USD was seen consolidating the previous day’s volatile intraday swings. The optimism over a possible Brexit deal extended some support to the pair. BoE negative interest rate talks held bulls from placing any aggressive bets. The GBP/USD pair lacked any firm directional bias on Friday and seesawed between tepid gains/minor losses through the early part of the European trading session. Following the previous day’s intraday volatility, the pair now seems to have stabilized near the top end of its weekly trading range. The overnight optimistic Brexit-related comments by the European Commission President Ursula von der Leyen, saying that a trade deal between the EU and the UK is still possible, extended some support to the British pound. This coupled with the prevalent selling bias surrounding the US dollar further collaborated towards limiting the downside for the GBP/USD pair. Doubts over the sustainability of the US economic recovery kept the USD bulls on the defensive. The market worries resurfaced following the release of Thursday’s rather unimpressive US macroeconomic data. Despite the supporting factors, the GBP/USD struggled to attract any meaningful buying and remained below the key 1.3000 psychological mark. The fact that the Bank of England discussed implementing negative interest rates at the September policy meeting on Thursday kept a lid on any strong gains for major, at least for the time being. This makes it prudent to wait for some strong follow-through buying before traders again start positioning for an extension of the recent strong recovery move from multi-week lows, around the 1.2760 region touched last Friday. Market participants now look forward to the release of the Michigan Consumer Sentiment Index for September, scheduled later during the early North American session. The data might influence the USD price dynamics and produce some short-term trading opportunities on the last day of the week. 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 de Cos: It can’t be ruled out that new stimulus will be needed FX Street 1 year GBP/USD was seen consolidating the previous day’s volatile intraday swings. The optimism over a possible Brexit deal extended some support to the pair. BoE negative interest rate talks held bulls from placing any aggressive bets. The GBP/USD pair lacked any firm directional bias on Friday and seesawed between tepid gains/minor losses through the early part of the European trading session. Following the previous day's intraday volatility, the pair now seems to have stabilized near the top end of its weekly trading range. The overnight optimistic Brexit-related comments by the European Commission President Ursula von der Leyen, saying that a trade… Top 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.
