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GBP/USD plummets to lows, closer to mid-1.2800s

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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.

Gold technical analysis: Spikes to 2-week tops, around $1500 mark

Technical levels to watch

GBP/USD

OVERVIEW
Today last price 1.2864
Today Daily Change -0.0048
Today Daily Change % -0.37
Today daily open 1.2912
TRENDS
Daily SMA20 1.254
Daily SMA50 1.2392
Daily SMA100 1.2428
Daily SMA200 1.2716
LEVELS
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
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