GBP/USD drops below 1.39 as S&P 500 futures turn negative

GBP/USD prints a session low of 1.3871, while US yields stay flat.
Dollar draws bids as the US stock futures drop.

Omkar Godbole FXStreet Contributor

The US dollar is drawing haven bids and pushing GBP/USD lower, with the US stock futures signaling renewed risk aversion.

Cable fell to a session low of 1.3871 soon before press time, having traded at 1.3932 in early Asia.

The futures tied to the S&P 500 are trading more than 100 points lower at 31,392. The index jumped over 2% on Monday, confirming its best single-day gain since June, as bond yields eased. The 10-year Treasury yield fell to 1.38%, having clocked a 12-month high of 1.61% on Thursday.

The benchmark yield remains sidelined near 1.4% at press time. Even so, the S&P 500 futures are nursing losses and pushing the dollar higher against major currencies.

The broad-based dollar demand could be associated with gold's relentless slide. The yellow metal now trades near $1,712 per ounce, the lowest since June 15, 2020. Prices are down over $100 from the high of $1,817 observed on Feb. 23.

Technical levels

GBP/USD

Overview
Today last price	1.3889
Today Daily Change	-0.0033
Today Daily Change %	-0.24
Today daily open	1.3922

Trends
Daily SMA20	1.388
Daily SMA50	1.3719
Daily SMA100	1.3465
Daily SMA200	1.3138

Levels
Previous Daily High	1.3999
Previous Daily Low	1.3904
Previous Weekly High	1.4243
Previous Weekly Low	1.389
Previous Monthly High	1.4243
Previous Monthly Low	1.3566
Daily Fibonacci 38.2%	1.3941
Daily Fibonacci 61.8%	1.3963
Daily Pivot Point S1	1.3884
Daily Pivot Point S2	1.3846
Daily Pivot Point S3	1.3789
Daily Pivot Point R1	1.3979
Daily Pivot Point R2	1.4037
Daily Pivot Point R3	1.4075

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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