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The British Pound (GBP) trades around 1.3050 versus the US Dollar (USD) ahead of the London open on Wednesday. The GBP/USD pair recovered during the early Asian session as positive headlines concerning Brexit pleased buyers. Though, caution ahead of the key EU summit and few other top-tier data/events from the US and the UK confined additional moves afterward.
Reuters report that the EU is ready to offer flexible Brexit extension till March 2020 helped the GBP to forget earlier disappointment from cross-party talks. The optimism further grew with the Daily Mirror reporting that the opposition Labour party leader Jeremy Corbyn met Northern Irish Democratic Unionist Party (DUP) members to break the Brexit deadlock.
It should, however, be noted that speculations that Germany, France and Italy may act tough upon the UK’s Brexit extension request in today’s EU summit continued questions the Pound optimists.
The UK Prime Minister Theresa May will travel Brussels for the EU summit to request Brexit extension till June 30.
On the economic calendar, monthly details of the gross domestic product (GDP), industrial production and manufacturing production for February will be up from the UK whereas the US consumer price index (CPI) and FOMC meeting minutes will entertain momentum traders then after.
The UK GDP could soften to 0.0% versus 0.5% earlier with manufacturing production and industrial production both likely declining to 0.1% and 0.2% growth figures against 0.6% and 0.8% respective priors on the MoM basis.
On the other hand, the US CPI (YoY) may inch up to 1.8% versus 1.5% during March while the ex-food and energy version of the inflation figure may remain unchanged at 2.1%. For the minutes of the March month Federal Open Market Committee (FOMC) meeting, investors would bear in mind the latest bearish sentiment in order to look for further clues.
It should also be noted that risk sentiment is also present in the market prior to such important data/events. The US 10-year treasury yield that aptly signals market risk momentum is down one basis point near 2.50%.
GBP/USD Technical Analysis
50-day simple moving average (SMA) and 200-day SMA confine the pair’s immediate moves between 1.3090 and 1.2975. Should the pair clear 1.3090 upside barrier, it can aim for a month-old resistance-line at 1.3170 ahead of looking at the 1.3200 whereas downside break of 1.2975 can recall 100-day SMA level 1.2935 on the chart.
