Fundamental Analysis
GBP/USD resumed its upward momentum and traded near 1.2750 after an earlier decline. However, as market sentiment remained cautious ahead of the weekend, the pair struggled to gather further upside momentum and is still on track to post weekly losses.
Technical Analysis
GBPUSD continues to trade in a wide range with the nearest support resistance in the price range of 1.281 and 1.261. On the H4 timeframe, the EMA 34 is below the EMA 89, indicating that the market structure is tilted to the downside with the lowest retracement around the support zone of 1.262. On the other hand, any daily close above the resistance level of 1.281 and a candle close above both EMAs would confirm a bullish trend with the resistance level of the week at 1.286, which is also the price range before the NFP announcement.
Resistance: 1.281-1.286
Support:1.267-1.262
Trading Signals
SELL GBPUSD zone 1.286-1.288 SL 1.290
BUY GBPUSD zone 1.262-1.260 SL 1.258
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