The GBPUSD currency pair continues to advance as a result of negative US Treasury yields.
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- GBP/USD extends its gains on the back of downbeat US Treasury yields.
The pair currently trades last at 1.26230.
The previous day high was 1.2611 while the previous day low was 1.2566. The daily 38.2% Fib levels comes at 1.2594, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2583, expected to provide support.
GBP/USD continues to gain for the second consecutive day, trading around 1.2620 during the Asian session on Tuesday. A sense of cautious optimism weakened the yields on US government bonds, contributing to the upward movement of the GBP/USD pair.
Additionally, the hawkish remarks made by the Bank of England (BoE) Deputy Governor Ben Broadbent at the Jackson Hole Symposium helped the Cable pair to snap a four-day losing streak. As said, Broadbent advocated for policy rates to remain higher for a prolonged period.
The US Dollar Index (DXY), which measures the performance of the Greenback against the six other major currencies, extends its losses and trades around 103.90. The recent fiscal measures introduced by China to attract investors back to its struggling stock markets are contributing to optimistic risk sentiment and weakening the safe-haven US Dollar (USD).
Investors await upcoming data releases from the US, seeking new insights into the country’s economic prospects. These datasets include Jolts Job Openings, Housing Price Index, and Consumer Confidence, all of which are set to be disclosed later in the day. These data releases are anticipated to provide valuable perspectives on the US economic trajectory, potentially impacting trading strategies related to the GBP/USD pair.
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2623 at the time of writing. Pair opened at 1.2602 and is trading with a change of 0.17 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2623 |
| 1 | Today Daily Change | 0.0021 |
| 2 | Today Daily Change % | 0.1700 |
| 3 | Today daily open | 1.2602 |
The pair is trading below its 20 Daily moving average @ 1.2708, below its 50 Daily moving average @ 1.2784 , below its 100 Daily moving average @ 1.2642 and above its 200 Daily moving average @ 1.2403
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2708 |
| 1 | Daily SMA50 | 1.2784 |
| 2 | Daily SMA100 | 1.2642 |
| 3 | Daily SMA200 | 1.2403 |
The previous day high was 1.2611 while the previous day low was 1.2566. The daily 38.2% Fib levels comes at 1.2594, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2583, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.2575, 1.2547, 1.2529
- Pivot resistance is noted at 1.262, 1.2638, 1.2665
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2611 |
| Previous Daily Low | 1.2566 |
| Previous Weekly High | 1.2800 |
| Previous Weekly Low | 1.2548 |
| Previous Monthly High | 1.3142 |
| Previous Monthly Low | 1.2659 |
| Daily Fibonacci 38.2% | 1.2594 |
| Daily Fibonacci 61.8% | 1.2583 |
| Daily Pivot Point S1 | 1.2575 |
| Daily Pivot Point S2 | 1.2547 |
| Daily Pivot Point S3 | 1.2529 |
| Daily Pivot Point R1 | 1.2620 |
| Daily Pivot Point R2 | 1.2638 |
| Daily Pivot Point R3 | 1.2665 |
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