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GBP/USD remains on the defensive with upside limited below 1.2600

  • The Pound maintains its bearish tone below 1.2600.
  • Today’s focus will be on the US nonfarm payrolls report.
  • The next bearish targets are 1.2515 and 1.2460.

The Pound maintains the weak tone of the entire week, with bullish attempts limited below the previous support, now turned into resistance, at 1.2600, with an eye on the US non-farm payrolls report to be published at start of today’s American session.

The European calendar is light today, with only UK consumer inflation expectations worth mentioning, although the impact on the Pound is likely to be minor.

All eyes are on US nonfarm payrolls.

Attention is focused today on the US nonfarm payrolls report, which is expected to show a slight increase in job creation in November. Earlier this week, the JOLTs US job creation report and the ADP private sector employment report came in below expectations, boosting hopes for Fed rate cuts in March 2024, although the US dollar has remained moderately rising.

Technical indicators point downwards. The pair has marked a double top at 1.2730, often a sign of a trend reversal, breaking below the 50-hour SMA and pressing against the 100 SMA on the same time frame.

The next support levels are 1.2550 and 1.2515 before the target at the mentioned level at 1.2460.

To the upside, a break above 1.2600 would negate the negative view and shift focus towards 1.2650 and 1.2730.

Technical levels to monitor

GBP/USD

Overview
Latest price today 1.2568
Today Daily variation -0.0022
Today’s daily variation -0.17
Today’s daily opening 1,259
Trends
daily SMA20 1.2534
daily SMA50 1.2332
SMA100 daily 1.2467
SMA200 daily 1.2483
Levels
Previous daily high 1.2613
Previous daily low 1.2544
Previous weekly high 1.2733
Previous weekly low 1.2591
Previous Monthly High 1.2733
Previous monthly low 1.2096
Daily Fibonacci 38.2 1.2587
Fibonacci 61.8% daily 1,257
Daily Pivot Point S1 1.2552
Daily Pivot Point S2 1.2514
Daily Pivot Point S3 1.2483
Daily Pivot Point R1 1,262
Daily Pivot Point R2 1.2651
Daily Pivot Point R3 1.2689

Source: Fx Street

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