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British Pound (GBP) Latest: GBP/USD Carving Out a Short-Term Top?

British Pound (GBP) Latest: GBP/USD Carving Out a Short-Term Top?

Justin McQueen, Strategist

GBP/USD, FTSE 100 Price Analysis & News

  • GBP/USD Carving Out a Short-Term Top
  • Risk Sentiment Slightly Softer, FTSE 100 Slips

GBP/USD Carving Out a Short-Term Top?

As the US Dollar reversal continues to drive G10 FX, last week’s rejection in GBP/USD at 1.37 raises questions as to whether the short-term rally in GBP has run out of steam. As such, with the pair trading below its 20DMA (1.3572) a close below could potentially signal that GBP has carved out a double top at 1.37. That said, with US participants away for MLK day, price action is likely to be somewhat exacerbated by thin volumes.

Over the weekend, UK virus cases continued to drift lower signalling that perhaps the number of new cases may have peaked amid the third lockdown. Elsewhere, UK Chancellor Sunak is reportedly planning to provide near enough 6mln people with a one-off GBP 500 benefit payment when the current uplift to universal credit is set to end. Alongside this, the Chancellor is drawing up plans to increase corporation tax in his March budget in order to balance the books in the national finances.

GBP/USD Chart: Daily Time Frame

Pivot: 1.3618

Support: 1.3538, 1.3490, 1.3410

Resistance: 1.3666, 1.3746, 1.3826

British Pound (GBP) Latest: GBP/USD Carving Out a Short-Term Top?

Source: Refinitiv

Risk Sentiment Slightly Softer, FTSE 100 Slips

Today is expected to be a notably subdued session amid the US holiday. The key UK risk events for this week are the preliminary PMIs, CPI and retail sales data. The classic risk-off move on Friday, as investors “sold the fact” following Biden’s stimulus announcement looks to have set the opening tone for this week. The FTSE 100 is marginally softer, however, the index is likely to trade in choppy fashion with little catalysts today. On the downside, support resides at 6676 (Dec 29 high) and 6600, while on the topside, resistance sits at 6800.

FTSE 100 Chart: Daily Time Frame

British Pound (GBP) Latest: GBP/USD Carving Out a Short-Term Top?

Source: Refinitiv

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.