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GBP/USD hanging onto 1.31 ahead of US GDP figures


Friday, 27 July 2018 11:38 WIB

ECBUSDGBP/USD


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The GBP/USD is trading just above the 1.3100 technical level heading into Friday's major market window after seeing steady declines from Thursday's high of 1.3212 as the US Dollar rebounds across the broader market.

The G10 FX space went USD-positive across the board for Thursday, fueled by a decision by European Central Bank (ECB) head Mario Draghi to clarify to traders that the ECB will not be moving on interest rates or making adjustments to their QE program until at least September 2019 as the ECB hopes to weather a storm of lagging economic growth. The ECB's statement fueled a rebound in the Greenback as traders fell back into the US Dollar for lack of better options.

Adding fuel to the Sterling's sell-off fire was the European Union's head Brexit negotiator Michel Barnier, who officially killed off UK Prime Minister Theresa May's latest 'third option' Brexit proposal. The UK now heads back to the drawing broad against a backdrop of uncertainty as the final cut-off date for Brexit, March of 2019, is fast approaching and little, if any, headway has been made on averting a hard-landing Brexit scenario, though progress is expected in the coming months now that PM May has formally taken over the reigns as head Brexit negotiator for the UK, leaving the UK's Brexit cabinet to worry about backup plans to help soften the landing if a hard exit scenario becomes unavoidable.

GBP/USD Levels to watch

Support levels: 1.3090 1.3045 1.3010

Resistance levels: 1.3145 1.3190 1.3230

Source : fxstreet


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