GBP/USD Daily Price Forecast – The Cable Lingers Within The 1.3030/1.3122 Vicinity

The greenback continues to trouble the cable. May sets plans on this Easter Recess to get underway on Brexit deal.
Nikhil Khandelwal
British pounds banknotes background

The Cable had a super movement in the Asian trading session on the back of May’s positive comments on Brexit deal. GBP/USD took a shift from the lower vicinity near 1.3053 levels jumping up to 1.3081 levels, marking the day’s fresh high. However, the Pound pair failed to sustain at the peak for a long time and slid down near 1.3060 levels on USD Index recovery.

The House of Commons has adjourned until April 23, on accounts of Easter Recess. Recently, May addressed the MPs to initiate working on Brexit deal during this holiday period. She also added that the UK must leave EU to the earliest possible, at least pre-Elections.

Brexit updates and robust US data reports are the critical movement initiators for the GBP/USD which needs a closer watch.

At the time of writing this article (07:27 GMT), the cable was trading 0.12 percent above the week’s opening of 1.3041 level.

Key GBP/USD Impacting Events For Today:

19:30 GMT (Mid Volatile)

The Commodity Futures Trading Commission will broadcast the weekly Commitments of Traders (COT) for Chicago and New York futures markets. The previous GBP non-commercial net positions were negative £ 9.9K.

14:00 GMT (High Volatile)

The University of Michigan will issue the Michigan Consumer Sentiment Index for April. This index reveals the spending power of the consumer in an economy. The consensus estimates a bearish stance on the index figures and expects a 0.4 percent drop to the previous number.

Technical Analysis

The GBP/USD pair entered into this week near 1.3041 levels, albeit it had started from the lower vicinity for the week. The significant 100-day SMA (Simple Moving Average) and 200-day SMA was trading above the cable developing a bearish stance around the corner.

GBPUSD 60 Min 12 April 2019

The pair remained decently sustained between the range of 1.3030 and 1.3122 levels. The pair remained decently sustained between the range of 1.3030 and 1.3122 levels. If the cable breaches the support line of 1.3030 level, then the cable would target the next strong 1.2986 support line. On the flipside, the pair is expected to remain capped under 1.3122 levels today.

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