- 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
|Latest price today
|Today Daily variation
|Today’s daily variation
|Today’s daily opening
|Previous daily high
|Previous daily low
|Previous weekly high
|Previous weekly low
|Previous Monthly High
|Previous monthly low
|Daily Fibonacci 38.2
|Fibonacci 61.8% daily
|Daily Pivot Point S1
|Daily Pivot Point S2
|Daily Pivot Point S3
|Daily Pivot Point R1
|Daily Pivot Point R2
|Daily Pivot Point R3
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.