- GBP/USD plunges after US NFP data
- The pair is trading near weekly lows, sellers target 1.2694.
- Short-term momentum favors sellers as the RSI accelerates towards the 50 midline.
The British Pound plunged against the US Dollar after the US Bureau of Labor Statistics (BLS) revealed that the US labor market remains better than expected, beating consensus estimates and strengthening the Dollar. . Therefore, the pair fell near the week’s lows, with the GBP/USD trading at 1.2722, down 0.53%, at the time of writing.
GBP/USD Price Analysis: Technical Perspective
From a technical perspective, GBP/USD failed to overcome strong resistance at the confluence of technical indicators, and the US Dollar’s sudden strength dragged spot prices below the three-day range low of 1.2740.
Momentum has shifted in favor of short-term sellers, with the RSI falling from around 64 to 54.26, about to enter bearish territory.
That being said, the first support for GBP/USD would be 1.2700, followed by last Friday’s low of 1.2694. Further losses are expected below at 1.2680, the May 30 low, followed immediately by the May 24 cycle low of 1.2674.
On the contrary, if buyers reclaim 1.2740, that could pave the way to keep the pair range-bound around 1.2750-1.2800.
GBP/USD Price Action – Daily Chart
Price of the Pound Sterling Today
The table below shows the percentage change of the British Pound (GBP) against the major currencies listed today. The British Pound was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.67% | 0.47% |
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
