|Day's Range||1.227 - 1.227|
|52 Week Range||1.1477 - 1.3510|
The British pound continues to see a lot of resistance in the 1.25 region, an area that is a large, round, psychologically significant figure and of course the 61.8% Fibonacci retracement.
The British pound fell into the weekend, showing signs of overall weakness. After all, the jobs number was horrible in the United States, losing over 700,000 jobs, getting people to run for shelter.
The British pound initially tried to rally against the Japanese yen on Friday but has pulled back just a bit as we continue to see consolidation. At this point, the market is likely to have to make some type of significant move.
The British pound has been resilient this week and has held within a tight range relative to price action in prior weeks despite the dollar regaining upward traction.
At 3:05 AM ET (0705 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, rose above 100 for the first time in over a week to stand at 100.460, up 0.2% on the day and up some 0.6% on the week.
Nonfarm payrolls and service sector PMIs are in focus today. With the West in shutdown mode, both labor market numbers and PMIs are expected to be dire…
The British pound continues to see a lot of resistance at the 1.25 handle, an area that has been like a brick wall. Quite frankly, I feel it’s only a matter of time before we rollover but with the jobs number coming out, anything can happen.
After outsized price swings in the prior three weeks, volatility in GBP/USD has subsided notably as the pair has been holding within a range since the start of the week.
We strongly believe China wants to show some strength in their perceived economic recovery and that these PMI numbers are somewhat “manufactured for effect”.
The British pound continues to fall, but we continue to see buyers jump in and push the market to the upside. At this point, I believe that you need to be very cognizant of the 1.25 level, an area that is massive resistance.
The GBP/USD currency pair has traded in a sideways range over the past few session and is seen little changed in early trading on Wednesday, despite a notable rebound in the dollar.
The Global economy is experiencing unprecedented disruptions, and while the full effects of these disruptions are not yet evident, it is clear that the economy is experiencing the most abrupt and severe contraction since the Great Depression.
A busy economic calendar may not be enough to distract the markets. The virus continues to spread at a sharp pace in spite of lockdown measures…
The British pound has had a volatile session during Tuesday as we continue to test the 1.25 region. It has shown some resiliency but does look a bit overextended.