- GBP/USD rose to the fresh high of the month around 1.3150 at the start of Tuesday.
- The pair benefited from the news report that the UK PM will formally propose no-deal Brexit.
- Quarterly Inflation report hearings will become additional catalysts for traders to observe.
The GBP/USD pair is taking the bids around 1.3120 during initial Asian sessions on Tuesday. The pair rose to a fresh high of the month on the news report that the UK PM will propose formally ruling out no deal Brexit. With the recent increase in a number of clues favoring no deal Brexit, the British Pound (GBP) is on recovery mode against the majority of its counterpart.
On Monday, the GBP/USD pair, also known as Cable, recovered on the news that some among the EU leaders are ready to extend the Brexit date from March 29 till the year 2021. The pair added gains afterward as leader of the opposition Labour party Jeremy Corbyn is likely to propose second Brexit referendum while also supporting “no deal” Brexit off the table.
At the start of Tuesday’s Asian trading, The Sun reported that the UK PM Theresa May is likely to propose formally ruling out a no-deal Brexit, which in turn could delay the British departure from the EU beyond March 29 deadline.
With the recent reports coming in favor of a soft/delayed Brexit, the GBP traders will be closely observing statements from the British political fraternity for confirmation of an on-going trend.
It should also be noted that today’s quarterly Inflation report hearings by the Bank of England (BoE) Governor Mark Carney and monetary policy committee (MPC) members will also offer intermediate moves to the GBP traders.
GBP/USD Technical Analysis
GBP/USD needs to surpass 1.3160 in order to challenge the trend-line resistance connecting September-January high, at 1.3200.
On the flip side, the pair’s break of 1.3100 can drag it back to 1.3060 and 1.3000 supports.
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
EUR/USD attacks 1.0800 ahead of EU inflation data
EUR/USD is battling 1.0800 in the early European session on Tuesday, undermined by the latest US Dollar bounce. Traders keenly await the EU inflation data and the US jobs survey for further impetus as US President Trump's 'reciprocal tariffs' announcement looms on Wednesday.
GBP/USD treads water above 1.2900 ahead of US data, tariffs
GBP/USD is trading on the defensive while holding above 1.2900 in Tuesday's European trading. The pair loses ground amid a modest US Dollar uptick as traders resort to repositioning in the lead-up to the top-tier US economic data releases and Wednesday's tariffs announcements.
Gold price eases from record high; bullish bias remains amid worries over Trump's tariffs
Gold price retreats slightly after touching a fresh all-time high on Tuesday as bulls pause for a breather and opt to wait for US President Donald Trump's reciprocal tariffs announcement. Adding to this, a positive tone around the Asian equity markets also acts as a headwind for the commodity amid overbought conditions on the daily chart.
PEPE could rally to double digits if it breaks above its key resistance level
Pepe memecoin approaches its descending trendline, trading around $0.000007 on Tuesday; a breakout indicates a bullish move ahead. Moreover, PEPE's long-to-short ratio supports a bullish thesis as bullish bets among the traders reach the highest over a month.
Is the US economy headed for a recession?
Leading economists say a recession is more likely than originally expected. With new tariffs set to be launched on April 2, investors and economists are growing more concerned about an economic slowdown or recession.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.