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5 Sep 2018

GBP/USD surges to fresh 5-day high above 1.29 on latest Brexit headlines

  • Germany and the UK are said to drop key Brexit demands.
  • GBP gains traction and records strong gains vs. its rivals.
  • The US Dollar Index edges lower toward 95.

The GBP/USD pair added more than 100 pips in the last 15-20 minutes on the back of the latest headlines surrounding Brexit negotiations. As of writing, the pair was trading at 1.2955, up 0.8%, on the day.

Citing sources familiar with the matter, Bloomberg recently reported that Germany and the UK would drop key Brexit demands in order to reach a deal. The EUR/GBP pair also lost more than 70 pips to reflect the broad-based sterling strength.

On the other hand, the US Dollar Index, which spent the first half of the day in the positive territory near 95.50, lost its traction and fell to a daily low of 95.09. At the moment, the index is down 0.3% on the day at 95.12. Earlier in the session, the data from the U.S. revealed that the international trade deficit rose to $50.1 billion in July from $45.7 in June to match the analysts' expectations. Later in the day, the ISM NY Business Conditions Index and speeches by FOMC members Williams, Kashkari, and Bostic will be looked upon for fresh impetus.

Technical levels to consider

The initial resistance for the pair aligns at 1.3000 (psychological level) ahead of 1.3040 (Aug. 30 high) and 1.3150 (100-DMA). On the downside, supports are located at 1.2855 (20-DMA), 1.2800 (psychological level/Aug. 24 low) and 1.2725 (Aug. 10 low).

Sep 5, 2018

AUD/USD recovers from 27-month lows, up little around 0.7180 level

   •  A modest USD retracement prompts some short-covering from oversold conditions.    •  Positive copper prices underpin commodity-linked Aussie an
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Sep 5, 2018

Fed's Bullard: Should hold off on further rate hikes

St. Louis Fed president James Bullard recently crossed the newswires arguing that the Fed should hold off on further rate hikes. Key quotes (via Reut
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