GBP/USD Current price: 1.3761
- The House of Lords voted against May's will, to have their last saying on a Brexit deal.
- UK April Manufacturing PMI to make some noise this Tuesday.
The GBP/USD pair fell to 1.3712 early London, but trimmed most of its daily losses and settled right below Friday's close. Pound's decline was triggered by news indicating that another member of May's cabinet resigned over mounting tensions about Brexit. This time it was the turn of Amber Rudd, who left after saying that she "inadvertently misled" MPs over targets for removing illegal immigrants. Former communities secretary, Sajid Javid was appointed as the new home secretary, shortly after. Later in the day, the UK government suffered another setback, as the Lords voted on a bill guaranteeing MPs a vote on a final Brexit deal. Ministers have warned multiple times that this may result in the UK leaving the UK with no deal. This Tuesday, the UK will see the release of the April Markit Manufacturing PMI, expected at 54.8 from the previous 55.1. The pair retains its bearish stance according to technical readings in the 4 hours chart, as the 20 SMA maintains a sharp bearish slope well above the current level, while technical indicators managed to correct extreme oversold readings, but lost upward strength far below their mid-lines. The pair bottomed at 1.3711 in March, which alongside with Monday's low makes of the area a major support for the upcoming sessions.
Support levels: 1.3710 1.3680 1.3650
Resistance levels: 1.3785 1.3820 1.3850
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
AUD/USD: Next stop emerges at 0.6580
The downward bias around AUD/USD remained unabated for yet another day, motivating spot to flirt with the area of four-week lows well south of the key 0.6700 region.
EUR/USD looks cautious near 1.0900 ahead of key data
The humble advance in EUR/USD was enough to partially leave behind two consecutive sessions of marked losses, although a convincing surpass of the 1.0900 barrier was still elusive.
Gold extends slide below $2,400
Gold stays under persistent bearish pressure after breaking below the key $2,400 level and trades at its lowest level in over a week below $2,390. In the absence of fundamental drivers, technical developments seem to be causing XAU/USD to stretch lower.
Why this week could be explosive for Ethereum
Ethereum (ETH) is down nearly 1% on Monday as exchanges have begun confirming Tuesday as the launch date for ETH ETFs. Considering the ETH ETF launch and the upcoming Bitcoin Conference, this week could prove crucial for Ethereum.
What now for the Democrats?
Like many, I applaud Biden’s decision. I would have preferred that he’d made it sooner, but there’s still plenty of time for the Democrats to run a successful campaign. In fact, I wish something on the order of a two-month campaign – as opposed to a two-year campaign – were the norm and not the exception.