GBP/USD Price Forecast: Rises Towards 1.3100 Following Strong UK Jobs Report

  • GBP/USD rises 0.18% after a strong UK jobs report shows more than 373,000 jobs added, beating forecasts.
  • Despite the bullish momentum, the pair remains within the 1.3000-1.3100 range, testing key resistance levels.
  • Breaking above the 50-day moving average at 1.3112 could open the way to the October high at 1.3174.

The British pound regained some ground and rose 0.18% on Tuesday against the US dollar following a strong UK jobs report that reduced the unemployment rate, while the economy added more than 373,000 jobs, beating estimates of 250,000 . At the time of writing, GBP/USD is trading at 1.3081 after bouncing from the daily low of 1.3035.

GBP/USD Price Forecast: Technical Outlook

GBP/USD remains consolidated, within the 1.3000-1.3100 range for the sixth day in a row, although the pair peaked at 1.3102.

Momentum remains slightly bearish, as shown by the Relative Strength Index (RSI), but as the RSI approaches its neutral 50 line, it could pave the way for further upside.

If GBP/USD strengthens further, the next stop would be the 50-day moving average (DMA) at 1.3112. Once broken, buyers could target the October 4 daily high at 1.3174, ahead of the 1.3200 figure.

On the other hand, if GBP/USD remains below 1.3100, this could expose the psychological level of 1.3050. The next support would be the October 10 low at 1.3010, followed by the September 11 daily low at 1.3001.

GBP/USD Price Action – Daily Chart

Pound Sterling PRICE Today

The table below shows the percentage change of the British Pound (GBP) against major currencies today. Pound sterling was the strongest currency against the Australian dollar.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.05% -0.27% -0.36% 0.05% 0.15% 0.08% -0.17%
EUR -0.05% -0.31% -0.41% -0.02% 0.11% 0.02% -0.22%
GBP 0.27% 0.31% -0.06% 0.31% 0.42% 0.34% 0.16%
JPY 0.36% 0.41% 0.06% 0.41% 0.50% 0.43% 0.24%
CAD -0.05% 0.02% -0.31% -0.41% 0.10% 0.04% -0.14%
AUD -0.15% -0.11% -0.42% -0.50% -0.10% -0.07% -0.25%
NZD -0.08% -0.02% -0.34% -0.43% -0.04% 0.07% -0.18%
CHF 0.17% 0.22% -0.16% -0.24% 0.14% 0.25% 0.18%

The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent the GBP (base)/USD (quote).

Source: Fx Street

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