GBP/USD marks four-day winning streak ahead of UK PM Johnson’s return to office

GBP/USD remains mildly bid amid a broad US dollar weakness. UK PM “raring to go” back to No10, might take steps to shrug off allegations of non-performance. Virus/Brexit updates could compensate for a light economic calendar.

A sustained break above 10/21-day SMA confluence, near 1.2400, becomes necessary for the Cable to aim for 61.8% Fibonacci retracement of March month downside around 1.2515. In the absence of which, 50% Fibonacci retracement level, near 1.2300, followed by an upward sloping trend line since April 07, close to 1.2285, will be on sellers’ radar.

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price    1.2403
Today Daily Change    31 pips
Today Daily Change %    0.25%
Today daily open    1.2372
 
TRENDS
Daily SMA20    1.2406
Daily SMA50    1.2489
Daily SMA100    1.278
Daily SMA200    1.2653

GBP/USD remains on the bid for the fourth day in a row, currently up 0.20% on a day to 1.2400, while heading into the London open on Monday. Although the UK’s handling of the coronavirus (COVID-19) crisis and the Tory government’s stand on Brexit receive broad criticism, the return of the UK PM Boris Johnson from the pandemic infection seems to please the buyers off-late.

On the Brexit front, the European Union’s (EU) EU’s Chief Negotiator Michel Barnier was cited, by BBC as saying that the negotiations have been disappointing. The reason could be cited from the Tory government’s refrain from extending the Brexit deadline from December 31, 2020, despite the epidemic.

That said, the market’s risk-tone sentiment remains mildly positive with the US 10-year Treasury yields gaining more than three basis points (bps) to 0.632% whereas Asian stocks also flashing gains by the press time.

Source from https://www.fxstreet.com/currencies/gbpusd

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