GBP/USD meets fresh supply, refreshes daily lows near 1.2860

The recovery attempts in GBP/USD continue to remain limited by stiff resistances placed just below 1.29 handle, as markets turn their attention towards the US macro updates for fresh impetus.

GBP/USD: Downside opening up towards 50-DMA at 1.2773?

The spot keeps the offered tone intact so far this Friday, as jitters surrounding the upcoming UK general elections persist, with the UK PM May’s Conservatives lead narrowing versus the Labour Party.

Meanwhile, the pound ran into fresh offers and printed fresh daily lows of 1.2860 last minutes, after the US dollar staged a minor-recovery against its main competitors, in the wake of the latest comments by the US President Trump on North Korea delivered at the G7 meeting.

Next of note for the major remains the US durable goods and GDP data due later on Thursday, which will throw fresh light on the US economic prospects, especially after the St. Louis Fed President Bullard said earlier today that US macro data have been relatively weak, on balance, since March rate hike.

GBP/USD Levels to consider            

Haresh Menghani, Analyst at FXStreet noted: “The pair is likely to find immediate support near 1.2850-45 region, below which the downslide should get extended towards the 1.2800 handle en-route a major horizontal support near 1.2770-65 area. Meanwhile, any recovery attempts might now confront resistance at the ascending trend-channel support break-point, turned resistance, near 1.2920 region. Any subsequent recovery beyond this immediate hurdle might now be capped at 1.2950 horizontal level.”