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24 Jul 2020

GBP/USD sits near multi-week tops, above mid-1.2700s

  • Sustained USD selling assisted GBP/USD to gain traction for the sixth straight session on Friday.
  • The British pound was further supported by Friday’s upbeat UK Retail Sales data and PMI prints.
  • Renewed fears of a no-deal Brexit might turn out to be the only factor capping any strong gains.

The GBP/USD pair held steady near the top end of its daily trading range, around the 1.2760-70 region, or multi-week tops set earlier this Friday.

A combination of factors assisted the pair to build on this week's positive move and gain some follow-through traction for the sixth consecutive session on Friday. The British pound found some support following the release of upbeat UK monthly Retail Sales figures and flash PMI prints.

On the other hand, the US dollar remained depressed in the wake of speculations that the US economic recovery could be grinding to a halt amid the resurgence of coronavirus cases. This coupled with a fresh leg down in the US Treasury bond yields further undermined the greenback demand.

Meanwhile, concerns over worsening US-China relations took its toll on the global risk sentiment, albeit did little to revive the USD's perceived safe-haven status against its British counterpart. However, fears of a no-deal Brexit might keep a lid on any further gains for the GBP/USD pair.

It is worth reporting that the latest round of negotiations ended on Thursday without any significant progress on the post-Brexit trade deal. Britain's chief Brexit negotiator David Frost said that they will not be able to strike a preliminary agreement by the UK PM Boris Johnson's July deadline.

Hence, any subsequent move up is more likely to confront a stiff resistance near June monthly swing highs, around the 1.2810-15 region. Nevertheless, the pair still seems poised to end on a positive note and record gains for the third week in the previous four.

Technical levels to watch

 

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