GBP/USD Daily Price Forecast – Cable Combats To Uphold The 1.1310 Levels Amid Flextension

The cable is struggling to maintain the upper levels as there is no confirmed date for Brexit. However, the GBP/USD traded above the significant 100-day SMA showing bullish stance.
Nikhil Khandelwal
Pound sterling bank notes

After the approval for a longer than expected Brextension, the Pound Sterling showed less reaction during the last day’s North American session.

However, the cable dropped landing near 1.3080 post-FOMC dovish meeting minutes. The pair then continued to morph upwards gradually maintaining proper dips after every continuing rise. The GBP/USD later touched and bounced back from the strong resistance of 1.1308 level.

EU has granted the UK with an extended period to exit the consortium until October 31. A Flexible Brexit extension directly alludes that the EU wants the UK to come up with a deal done as early as possible. Nevertheless, Uncertainties remain intact as EU elections dates are approaching nearer.

On the US Dollar Index front, after the previous day’s slump following the release of the FOMC meeting minutes, the index sustained near the same lower vicinity of 96.88/96 levels. USD Index movements need a closer watch as some crucial US events line up on the event calendar for the day.

Key GBP/USD Influencing Events:

12:30 GMT (Mid volatile)

The US Department of Labor will release the following:

  • The March Producer Price Index excluding Food & Energy (YoY), since food and energy are more volatile than other commodities, so they are excluded. The consensus is expecting a bearish stance on the numbers to reduce by 0.1 percent than the previous.
  • The weekly Initial Jobless Claims from April 5 and the analysts are predicting the numbers to come around 211K. The previously released claims were 202K. This index will calculate the total number of people who are new in availing unemployment benefits.
  • The Counting Jobless Claims from March 29 will calculate the number of people unemployed and existing holders unemployment benefit. The market analysts are expecting a higher reading this time to come around 1.738 million than the previous 1.717 million.

Technical Analysis

GBPUSD 15 Min 11 April 2019

The pair continued to stay uptrend during the Asian trading session. The cable was drifting above the major 100-day Simple Moving Average (SMA) and 200-day SMA, developing a bullish stance on its future movements. On the upside, there remains a strong resistance of 1.3120 level to breach if uptrend continues. The pair had spent most of the time drifting near the upper region of the Bollinger Bands (BB) and at 06:30 GMT the cable moved to the lower portion signaling a minor correction on a shorter term.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US