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GBP/USD witnessed some follow-through selling for the second consecutive session on Thursday. Mostly disappointing UK macro data failed to provide any respite or ease the intraday selling bias. Data published by the Office for National Statistics showed that the UK economy expanded by 1.1% in September and 15.5% during the third quarter of 2020, both missing consensus estimates. Separately, the UK...

GBP/USD recedes the upside momentum while declining from the multiday high of 1.3280 to 1.3263, up 0.12% intraday. The pair recently benefited from the mixed risk sentiment and increasing odds of a soft Brexit. Though, virus woes, an off in the US limit the quote’s short-term moves. Cable’s further upside is forecast to meet a relevant hurdle at 1.3380 ahead of 1.3420, noted FX Strategists at UOB...

GBP/USD recedes to 1.3160 during the initial hour of Tuesday’s Asian session. The pair refreshed the two-month peak on Monday but failed to stay positive beyond 1.3200. However, bullish signals from the MACD joins strong RSI, not near the overbought region, favor the GBP/USD buyers to keep the optimism while targeting a resistance line stretched from September 10, at 1.3246 now. In doing so, a cle...

GBP/USD faced rejection near the 1.3200 mark and witnessed a modest pullback on Monday. Comments by Ireland's Coveney revived no-deal Brexit fears and weighed on the British pound. A subdued USD price action helped limit the downside ahead of BoE Governor Bailey’s speech. EUR/USD advanced to 1.1890 retaining substantial gains at the end of the week as the US presidential election blurred pandemic...

The renewed Brexit concerns failed to exert negative impact on the pound, as the BOE’s QE expansion and the Finance Minister Rishi Sunak’s job protection scheme extension offered a double booster shot. GBP/USD trades modestly flat at 1.3133, looking to retest two-week highs of 1.3157 reached in early Asia. The sudden and strong lift-off in GBP that sent it a high of 1.3155 yesterday (05 Nov) and t...

The GBP/USD pair rallied around 60-65 pips post-BoE announcement and shot to fresh session tops, around the key 1.3000 psychological mark, albeit lacking follow-through. The supporting factor, to a larger extent, was offset by a larger than expected increase in the size of the BoE's asset purchase program, which now stands at £875 billion, up from £745 billion prior. EUR/USD is set to test 1.15-1....

GBP/USD drops to the session low at 1.2920, down 0.4% intraday, while heading into Wednesday’s London open. The Cable earlier surged to 1.3140, before bouncing off 1.2934, while Incumbent US President Donald Trump is reported to have won Iowa, Texas, Florida and Ohio, thwarting Joe Biden’s hopes of scoring a major red state victory as the race for the White House again proves far tighter than the...

GBP/USD eyes a firm break above 1.2933 for bulls to take over. Potential falling wedge formation spotted on the hourly chart. Hourly RSI stays bullish, as all eyes remain on the US election. Cable’s decline does not rule out a potential retracement to the 1.2845 level in the next weeks. EUR/USD leaves behind the recent pessimism and retakes 1.1670. European markets opened Tuesday’s session with de...

The GBP/USD pair added to its intraday losses and dived to near one-month lows, around the 1.2855 region during the early European session. The pair opened with a modest bearish gap on the first day of a new trading week in reaction to the imposition of second nationwide lockdown in the UK. Given the alarming pace of growth in new COVID-19 cases in the UK, Britain's Prime Minister Boris Johnson on...

GBP/USD has eroded the uptrend at 1.2928 and was last seen trading at 1.2915, down -0.1% on the day. Commerzbank, now signals the next supports at the June high of 1.2814 and the 200-day moving average (DMA) at 1.2706. The pair struggled to capitalize on the previous day's late rebound of around 45 pips from near two-week lows and was seen oscillating in a range through the first half of the tradi...

GBP/USD is holding up better than other currency pairs as the cable looks to regain ground above the 1.3000 level.  GBP/USD has eased back to, tested and held the near-term uptrend at 1.2928. While this holds, the market is capable of retesting the 1.3201 March high and the recent high at 1.3483. In this vicinity is the 1.3468 multi-year downtrend and if seen we would expect this to again hol...

GBP/USD looks to extend its downside consolidation phase below 1.3050 into the European open, as the US dollar clings onto the overnight gains amid broad risk-aversion. EUR/USD continues to drop as Eurozone's biggest economies, France and Germany, consider imposing the economically-painful lockdown restrictions to counter the rising coronavirus cases. The pair is currently trading at 1.1778, repre...

GBP/USD is possibly on the verge of a continuation bullish impulse and the bulls are encouraged by the amount of structure supporting the outlook. Bulls are waiting for bullish conditions to be confirmed. The 1.32 area is compelling on a test of 1.3080. EUR/USD is holding the higher ground around 1.1825 amidst persisting coronavirus concerns. The US dollar’s retreat saves the day for the EUR bulls...

GBP/USD pressured towards 1.3000 amid Brexit and virus woes. Dual Brexit and US fiscal stimulus talks continued to dominate cable's trading, resulting in choppy trading, an eventual breakout to the upside, and a retreat afterward. US politics are set to take over in the pre-elections week, while UK coronavirus cases and lockdowns will probably become more prominent. The EUR/USD pair finishes the w...

GBP/USD weighed down by broad US dollar strength. The pair is on a steady decline so far this Friday but holds above the 1.3050 level, as the US dollar remains broadly underpinned following the conclusion of the final Presidential election debate. Brexit talks resumed, differences on key issues still persist. Brexit, stimulus updates and key UK/US data in focus. UK Retail Sales and Preliminary Mar...

GBP/USD consolidates the previous day’s heavy gains while declining to 1.3127, down 0.18% intraday, during the pre-London open trading on Thursday. The pair seems to follow the broad trend established by the US dollar pullback.  EUR/USD corrects lower and hovers around 1.1840. The pair may firm within its 1.15-1.20 range as risk sentiment improves and the European Central Bank (ECB) is likely...

GBP/USD tested 1.3020 but awaits a fresh catalyst for a sustained move higher. However, the persistent downbeat mood around the US dollar, in light of the renewed optimism over a likely US fiscal stimulus deal, continues to exert upward pressure on the cable. Technically, the daily closing above the 50-DMA barrier could provide the much-needed push to the bulls while also yielding a symmetrical tr...

GBP/USD is in a downside consolidation phase in early Europe this Tuesday, hovering around 1.2950 awaiting a fresh update on Brexit for fresh impetus.  The spot rallied as high as 1.3032 on expectations of a Brexit breakthrough ahead of the fresh round of talks between the EU Chief Brexit Negotiator Michel Barnier and his British counterpart David Frost. The spot has confirmed a descending tr...

GBP/USD is building on Friday’s sharp recovery from below 1.2900 so far this Monday, as the bulls remain hopeful of some positive developments from a fresh round of Brexit negotiations likely to be held between EU’s Chief Negotiator Michel Barnier and his British counterpart David Frost. EUR/USD is trading around 1.17, at the bottom of the recent range. The steep increase in coronavirus cases in E...

50-DMA is the level to beat for the GBP/USD bulls. The cable teasing a symmetrical triangle breakdown on the daily chart. UK PM Johnson to decide Brexit fate on Friday. EUR/USD pair is trading largely unchanged on the day around 1.17.  Europe seems to be losing the fight to keep their economies open as the Covid-19 virus spreads. Starting this weekend, Londoners will be banned from mixing wit...

GBP/USD is battling 1.3000, as the bulls take a breather ahead of the two-day European Union (EU) Summit, starting today. The 4-hour EUR/USD chart is showing that critical support at 1.1720 is in danger as the EUR/USD pair trades at its daily low of 1.1735 at the time of writing. Concerns that a resurgence in the Covid-19 pandemic could lead governments throughout Europe to shut down their economi...

GBP/USD has failed at its corrective target at 1.3070 and is extending Tuesday’s sell-off. The cable trades just above the 1.29 mark and Commerzbank expects to see further losses to 1.2445 and eventually targets 1.2250/00. The pair couldn’t crack 21-day EMA, an ascending trend line from September 25, which in turn joins bullish MACD to tease the buyers targeting at 1.3013. A downside break of 1.29...

Euro heading below 1.16

GBP/USD recorded fresh 5-week highs around 1.3080 at the beginning of the week on the back of renewed optimism surrounding the UK-EU Brexit negotiation. EUR/USD remains pressured around 1.1800 as market sentiment remains tilted to the risk-off mood on Tuesday. Dollar Index was up 0.1% at 93.227, regaining a little ground after falling Friday to a three-week low of 92.997. USD/JPY was up 0.1% at 10...

GBP/USD fails to extend Friday’s upside momentum despite staying above 1.3020. UK PM Johnson up for Australia-style trade deal if there’s no deal by October 15, pushes Germany to bridge the gap. Stricter virus-led lockdown conditions will be announced by the PM for tier-3 hotspots. EUR/USD gapped lower in Asia on renewed coronavirus concerns, trading at 1.1815.ECB's President Lagarde is likely to...