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9 Oct 2020

GBP/USD consolidates recent gains below 1.3000, eyes UK data dump

  • GBP/USD fades upside momentum below 1.3000 amid Brexit uncertainty, risk-on markets.
  • UK Chancellor Sunak to unveil local furlough scheme, eyes carbon emissions tax as well.
  • Brexit uncertainty continues ahead of October 15 deadline, virus woes keep local lockdowns on the table.
  • UK’s monthly GDP, Manufacturing and Industrial Production can weaken in August.

GBP/USD eases to 1.2935 ahead of Friday’s Tokyo open. The Cable managed to cheer US dollar weakness amid a lack of major data at home. Also favoring the quote could be the comments from the BOE Governor Andrew Bailey and the statements from the Financial Policy Committee (FPC) meeting.

The latest moves could have taken clues from The Times news where expectations of a carbon emission tax on the British companies were discussed while spotting a proposal with the UK Chancellor Rishi Sunak. The media earlier shared an update that the Finance Minister will announce two-third of pay under fresh local furlough scheme.

Brexit talks continue to get sluggish even if the UK has mentioned wish to leave the table on October 15. Amid the latest deadlock over the fisheries, European Council President Charles Michel recently said, per the BBC, “The UK needs to take "significant steps" in the coming days to secure a trade deal with the EU.”

Elsewhere, the BOE is confident to have resources to combat the coronavirus (COVID-19) pandemic, as per the FPC update, while Governor Bailey worries for the post-Brexit transition. Furthermore, the increasing numbers of the COVID-19 cases are looming concerns of national lockdown.

On the other hand, hopes of the US COVID-19 stimulus keep markets positive, also weigh on the US dollar index. While portraying the mood, S&P 500 Futures print 0.45% gains as we write.

UK’s data dump for August will be the immediate catalyst for the GBP/USD pair traders. As most figures are likely to bear the burden of the pandemic’s resurgence, bears are expected to regain the controls unless any surprises break.

Technical analysis

Highs marked since the mid-September highlight 1.3010 as the additional upside barrier beyond the 1.3000 threshold. Alternatively, 21-day SMA offers immediate support around 1.2870.

 

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