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GBP/USD Price Analysis: Fights at 1.2800 and declines towards 1.2720 after US NFP numbers.

  • 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

GBP/USD

Summary
Latest price today 1.2726
Today’s daily change -0.0065
Daily change % today -0.51
Today’s daily opening 1.2791
Trends
SMA20 Journal 1.2708
SMA50 Daily 1.2598
SMA100 Journal 1.2638
SMA200 Journal 1.2545
Levels
Previous Daily High 1.2809
Previous Daily Low 1.2763
Previous Weekly High 1.2801
Previous Weekly Low 1.2681
Previous Monthly High 1.2801
Previous Monthly Low 1.2446
Daily Fibonacci 38.2% 1.2791
Daily Fibonacci 61.8% 1,278
Daily Pivot Point S1 1.2766
Daily Pivot Point S2 1.2741
Daily Pivot Point S3 1.2719
Daily Pivot Point R1 1.2812
Daily Pivot Point R2 1.2834
Daily Pivot Point R3 1.2859

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

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