GBP/USD tumbles below 1.2450 as US Dollar strengthens


  • US Dollar rises across the board after US data. 
  • US bond yields and stocks rise despite weaker economic figures. 
  • GBP/USD erases most of the week’s gains on Friday. 

The US dollar is rising sharply on Friday, trimming weekly losses after the release of US economic data. GBP/USD is falling almost a hundred pips on the day, trading at 1.2445. 

The pair changed its course after reaching a fresh multi-month high on Asian hours at 1.2546. From the top it dropped more than a hundred pips, and bottomed after Wall Street’s opening bell at 1.2435. 

USD shines despite US data 

The US Dollar is up across the board, ending a three-day negative streak and recovering from the lowest levels in months. Higher US yields are supporting the Greenback on Friday. The US 10-year yield reached 3.50% and the 2-year is at 4.09%, up by 2.90% for the day. 

Data from the US came in mixed. Retail Sales dropped by 1% in March, more than the 0.4% expected. Industrial Production expanded 0.4%, more than the 0.2% forecast. University of Michigan’s Consumer Sentiment Index improved in April to 63.5 from 62. 

The key support to the Dollar came from Fed talk. Federal Reserve Governor Christopher Waller said on Friday that the central bank has not made much progress on the inflation goal and said rates need to rise further. In an interview with CNBC, Chicago Fed President Austan Goolsbee argued that “mild recession” is definitively on the table as a possibility. 

Technical levels 

GBP/USD

Overview
Today last price 1.245
Today Daily Change -0.0072
Today Daily Change % -0.57
Today daily open 1.2522
 
Trends
Daily SMA20 1.2358
Daily SMA50 1.2166
Daily SMA100 1.2178
Daily SMA200 1.1911
 
Levels
Previous Daily High 1.2537
Previous Daily Low 1.2478
Previous Weekly High 1.2525
Previous Weekly Low 1.2275
Previous Monthly High 1.2424
Previous Monthly Low 1.1803
Daily Fibonacci 38.2% 1.2515
Daily Fibonacci 61.8% 1.2501
Daily Pivot Point S1 1.2488
Daily Pivot Point S2 1.2453
Daily Pivot Point S3 1.2429
Daily Pivot Point R1 1.2547
Daily Pivot Point R2 1.2572
Daily Pivot Point R3 1.2606

 


 

Share: Feed news

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


Recommended content

Editors’ Picks

EUR/USD hovers around 1.0530 after mixed US data

EUR/USD hovers around 1.0530 after mixed US data

EUR/USD bounced from a fresh 2024 low at 1.0495, but gains were modest ahead of US data releases. Initial Jobless Claims beat expectations, but wholesale-level inflation was hotter than anticipated. Demand for the US Dollar prevails despite overbought conditions. 

EUR/USD News
GBP/USD depressed around 1.2650 on relentless US Dollar buying

GBP/USD depressed around 1.2650 on relentless US Dollar buying

GBP/USD is holding losses while flirting with multi-month lows near 1.2650 in the early American session. The pair remains vulnerable amid a broadly firmer US Dollar and softer risk tone even as BoE policymakers stick to a cautious stance on policy. Speeches from Powell and Bailey are eyed. 

GBP/USD News
Gold depressed around $2,550 and at risk of falling further

Gold depressed around $2,550 and at risk of falling further

Gold consolidates at two-month lows as the prevalent demand for the US dollar overshadows that for the safe-haven metal in a risk-averse environment. Central bank leaders' speeches stand out in the American session. 

 

Gold News
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park

Missing crypto influencer Kevin Mirshahi found dead in Montreal Park

Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park. 

Read more
Trump vs CPI

Trump vs CPI

US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis. 

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures