- United Kingdom: Sunak’s first hours as prime minister.
- The dollar experiences sharp decline in Treasury bond yields.
- GBP/USD is above 1.1400 and is going for 1.1495/1.1500, the maximum of October.
The GBP/USD accelerated to the upside significantly and with great force breaking 1.1400. The pair is trading at 1.1485, the highest level since Oct 5, supported by dollar weakness, while at the same time the pound is among the best performing currencies.
The great novelty in the United Kingdom is that it has a new prime minister and it is Rishi Sunak. The Conservative Party is still in government but still faces the great challenge of unity. News about the new president’s plans and cabinet are awaited. The first reactions of the pound are positive, since in addition to advancing against the dollar it does so against the euro. EUR/GBP broke below 0.8700.
The main driver of the latest rise in GBP/USD is being a sharp drop in the dollar in the market. A decline in Treasury bond yields. The 10-year benchmark yields 4.07%, the lowest in six days. Stocks on Wall Street are in positive territory.
Should it assert itself above 1.1400, the positive tone in GBP/USD will continue. Next resistance is at the October highs at 1.1495/1.1500. Above will follow 1.1525 and 1.1560.
Technical levels
GBP/USD
Panorama | |
---|---|
Last Price Today | 1.1419 |
Today’s Daily Change | 0.0139 |
Today’s Daily Change % | 1.23 |
Today’s Daily Opening | 1,128 |
Trends | |
---|---|
20 Daily SMA | 1,118 |
50 Daily SMA | 1.1413 |
100 Daily SMA | 1.1771 |
200 Daily SMA | 1.2407 |
levels | |
---|---|
Previous Daily High | 1.1409 |
Previous Daily Minimum | 1.1258 |
Previous Maximum Weekly | 1,144 |
Previous Weekly Minimum | 1,106 |
Monthly Prior Maximum | 1.1738 |
Previous Monthly Minimum | 1.0339 |
Daily Fibonacci 38.2% | 1.1316 |
Daily Fibonacci 61.8% | 1.1352 |
Daily Pivot Point S1 | 1.1222 |
Daily Pivot Point S2 | 1.1165 |
Daily Pivot Point S3 | 1.1071 |
Daily Pivot Point R1 | 1.1373 |
Daily Pivot Point R2 | 1.1467 |
Daily Pivot Point R3 | 1.1524 |
Source: Fx Street

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