GBP/USD remains capped by 1.3450

15 December, 2017

DXY resumes selling in Europe. Bounce stalls on EU Juncker’s comments. US industrial production data in focus.

The range-trade in the GBP/USD pair extends into the European session, with the rates moving back and forth amid a lack of fresh catalysts, while Brexit headlines continue to drive the GBP markets.

GBP/USD: Will it take-out 1.3450?

The Cable failed yet another attempt to surpass the key 1.3450 barrier, as the latest remarks from the EU Commission Chief Juncker triggered a fresh selling wave around the pound. Moreover, the UK Times report that the UK PM Theresa May is expected to back down on Brexit date plan, also keeps any recovery moves short-lived.

EU’s Juncker: Second phase of Brexit talks will be far more difficult than the first

However, the bulls continue to find support near 1.3425 region amid persistent selling seen around the US dollar against its major peers, as markets remain uncertain over the progress on the US tax reform bill.

Looking ahead, the BOE MPC member Haldane’s speech is eagerly awaited ahead of the US industrial production, capacity utilization and Empire State manufacturing index releases.

GBP/USD Technical Levels

According to Jim Langlands at FX Charts: “While the daily charts look inconclusive the 4 hour indicators are pointing to further gains for Sterling, so buying dips towards 1.3400, with a SL below 1.3365 would seem to be a plan, looking for a run back to 1.3500 and possibly towards 1.3520 – last week’s high. Given the absence of any data today it may just be another choppy session, using 1.34/1.35 as a guide.”

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