GBP/USD Price Analysis: Struggles at 1.2800 and tumbles toward 1.2720s post-NFP
07.06.2024, 14:36

GBP/USD Price Analysis: Struggles at 1.2800 and tumbles toward 1.2720s post-NFP

  • GBP/USD pukes following stellar US NFP data report.
  • The pair trades at around weekly lows, sellers eye 1.2694.
  • Near-term momentum favors sellers, as RSI accelerates toward the 50-midline.

The British Pound plunged against the US Dollar after the US Bureau of Labor Statistics (BLS) revealed the US jobs market remains hotter than expected, exceeding the consensus estimates, boosting the Greenback. Therefore, the pair tumbled near the week's lows, with the GBP/USD trading at 1.2722, down 0.53%, at the time of writing.

GBP/USD Price Analysis: Technical outlook

From a technical perspective, the GBP/USD failed to clear strong resistance at the confluence of technical indicators, and sudden US Dollar strength dragged the spot prices below the low of the three-day range of 1.2740.

Momentum has shifted in sellers’ favor in the near term, with the Relative Strength Index (RSI) diving from around 64 to 54.26, about to enter bearish territory.

That said, the first support for GBP/USD would be the 1.2700 figure, followed by last Friday’s low of 1.2694. Further losses are seen beneath at 1.2680, the May 30 low, immediately followed by the May 24 cycle low of 1.2674.

Conversely, if buyers reclaim 1.2740, that could pave the way to keep the pair range-bound at around 1.2750-1.2800.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price 1.2726
Today Daily Change -0.0065
Today Daily Change % -0.51
Today daily open 1.2791
 
Trends
Daily SMA20 1.2708
Daily SMA50 1.2598
Daily SMA100 1.2638
Daily SMA200 1.2545
 
Levels
Previous Daily High 1.2809
Previous Daily Low 1.2763
Previous Weekly High 1.2801
Previous Weekly Low 1.2681
Previous Monthly High 1.2801
Previous Monthly Low 1.2446
Daily Fibonacci 38.2% 1.2791
Daily Fibonacci 61.8% 1.278
Daily Pivot Point S1 1.2766
Daily Pivot Point S2 1.2741
Daily Pivot Point S3 1.2719
Daily Pivot Point R1 1.2812
Daily Pivot Point R2 1.2834
Daily Pivot Point R3 1.2859

 

British Pound PRICE Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the New Zealand Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   0.67% 0.47% 0.80% 0.43% 1.10% 1.28% 0.87%
EUR -0.67%   -0.18% 0.14% -0.24% 0.43% 0.66% 0.20%
GBP -0.47% 0.18%   0.32% -0.06% 0.62% 0.84% 0.38%
JPY -0.80% -0.14% -0.32%   -0.37% 0.29% 0.48% 0.08%
CAD -0.43% 0.24% 0.06% 0.37%   0.67% 0.91% 0.44%
AUD -1.10% -0.43% -0.62% -0.29% -0.67%   0.22% -0.25%
NZD -1.28% -0.66% -0.84% -0.48% -0.91% -0.22%   -0.45%
CHF -0.87% -0.20% -0.38% -0.08% -0.44% 0.25% 0.45%  

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

 

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