- GBP/USD bulls are taking advantage of the dynamic support of the trend line.
- The market is now trading in the mid-range zone ahead of Friday’s NFP.
GBP/USD has shown signs of a classic pre-NFP selloff as the pair sweeps liquidity on either side of the top of this week’s range. GBP/USD rallied in the Asian session from lows and reached as high as 1.2781 before slumping to daily lows in US morning trade at 1.2673, hitting inside day lows on Tuesday.
GBP/USD 4-hour chart
GBP/USD is roughly range-balanced for this week ahead of Non-Farm Payrolls as it leans into trend line support and is supported by previous downtrend line now acting as support of the counter trend
The low for the week is at 1.2658 and is an area of ​​great interest as it holds room for a test below 1.2600 as a downside target area. To the upside, a break of 1.2781 opens the risk of a run to test the 1.2850 upside target zone.
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.
