GBP/USD plummets to lows, closer to mid-1.2800s
- Investors looked past disappointing US durable goods orders data.
- The incoming UK political headlines exerted some heavy pressure.
The GBP/USD pair witnessed some aggressive selling in the last hour and tumbled around 60-65 pips to refresh session lows, around the 1.2860 regions in the last hour.
The pair did get a minor lift during the early North-American session following the disappointing release of US durable goods orders data, albeit the uptick met with some fresh supply near the 1.2925 regions amid a modest pickup in the US Dollar demand.
Weighed down by risk of snap UK election
Adding to this, rumors that the UK government will table an emergency business statement after political cabinet re-election motion on Monday further collaborated towards exerting some heavy downward pressure on the British Pound over the past hour or so.
Despite the pullback, the pair has still managed to hold its neck above the overnight swing lows, which makes it prudent to wait for some strong follow-through selling before traders start positioning for any further near-term depreciating move below the 1.2800 round-figure marks.
Technical levels to watch
|Today last price||1.2864|
|Today Daily Change||-0.0048|
|Today Daily Change %||-0.37|
|Today daily open||1.2912|
|Previous Daily High||1.2922|
|Previous Daily Low||1.284|
|Previous Weekly High||1.299|
|Previous Weekly Low||1.2515|
|Previous Monthly High||1.2583|
|Previous Monthly Low||1.1958|
|Daily Fibonacci 38.2%||1.2891|
|Daily Fibonacci 61.8%||1.2871|
|Daily Pivot Point S1||1.286|
|Daily Pivot Point S2||1.2809|
|Daily Pivot Point S3||1.2778|
|Daily Pivot Point R1||1.2942|
|Daily Pivot Point R2||1.2973|
|Daily Pivot Point R3||1.3024|